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."