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Revenue Slump Prompts Insightful to Lay Off 17 Percent of Staff

NEW YORK, July 17 - Data-mining company Insightful said today it will trim 17 percent of its workforce as it struggles with shrinking revenue.

 

The Seattle-based firm said the move, which it hopes will cut annual spending to $2.7 million, will cause it to take a one-time restructuring cost of $600,000.

 

Insightful said its preliminary second-quarter outlook is bleak and expects total revenue to fall 17 percent to $3.8 million. Net loss per share is expected to fall about one penny for all operations.

 

The company's president and CEO, Shawn Javid, blamed "continued weak" demand for Insightful's products for his firm's "disappointing financial performance."

The Scan

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For Flu and More

The Wall Street Journal reports that several vaccine developers are working on mRNA-based vaccines for influenza.

To Boost Women

China's Ministry of Science and Technology aims to boost the number of female researchers through a new policy, reports the South China Morning Post.

Science Papers Describe Approach to Predict Chemotherapeutic Response, Role of Transcriptional Noise

In Science this week: neural network to predict chemotherapeutic response in cancer patients, and more.