MOUNTAIN VIEW, Calif. - CyberSource Corp. reported second-quarter results in line with analysts' expectations and said it had eliminated 50 jobs, or 15% of its work force.
The provider of risk management and electronic payment solutions posted a loss of $9.2 million, or 26 cents a share, and Thomson Financial/First Call said that was the amount analysts had expected.
In the year-ago period it had a loss of $10.3 million, 40 cents a share.
CyberSource said the payroll move, coupled with other measures, will help it trim expenses by about $8 million a year and that it expects to take a charge of up to $2 million in the current quarter for the job cuts.
It made the announcements last week.