DUBLIN The struggling Internet security software firm Baltimore Technologies PLC said Thursday that it will make a significant reduction in headcount on top of the layoffs it announced in May.
A spokeswoman said the exact number of jobs to be eliminated at the now 1,200-employee company will be announced in August. In May, when it began a restructuring that is expected to save close to $20 million a year, Baltimore Technologies laid off 250 people, about 18% of its work force.
Layoffs and profit disappointments have pummeled Baltimores stock price, which began the year at about $10 and is now trading at around 50 cents.
It has said it would report revenue of more than $22 million for the three months that ended June; some analysts had forecast more than $30 million. No date has been set for the earnings announcement from Baltimore, which has cash reserves of about $76.7 million.