TTI currently employs 380 people down from more than 650 in 2003.
TTI Team Telecom International (Nasdaq: TTIL) is to fire 10% of its workforce, apparently in line with its policy of “realigning costs to expected revenues.”
TTI currently employs 380 people. Two weeks ago the company said that its earnings would be lower than projected, and that it would post a loss after three profitable quarters. As part of its cost cutting measures, TTI is expected to fire up to 40 people, almost 10% of its workforce. The company employed more than 650 people in 2003, so layoffs are obviously nothing new.
TTI declined to comment on the report.
TTI provides integrated software products and services for operations support systems (OSS) to communications service providers. It has a market cap of $47 million. The company unveiled its preliminary third quarter results today, in which it posted an net loss of $1.6-2.1 million on $11-11.5 million revenue, and an operating loss of $1.8-2.3 million.
Published by Globes [online], Israel business news - www.globes.co.il - on October 30, 2006
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