A third of the employees being cut work at Orckit Communication's development center in Israel.
Orckit Communications Ltd. (Nasdaq: ORCT; TASE: ORCT) is firing 17% of its global workforce - 35 of 201 employees. Sources inform ''Globes'' that a third of the fired employees work at Orckit's development center in Israel. Orckit develops broadband wireline and wireless products.
Orckit's revenue rose to $4.6 million for the first quarter of 2011 and its net loss narrowed slightly to $6 million from $6.1 million for the corresponding quarter of 2010. The company also raised its full-year revenue guidance by 10% to $25-28 million.
Orckit's share price rose 0.9% on Nasdaq on Friday to $2.35, giving a market cap of $53 million, but fell 3.2% by mid-afternoon on the TASE today to NIS 7.72.
Published by Globes [online], Israel business news - www.globes-online.com - on July 10, 2011
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