Irish Internet security company Baltimore Technologies said today it would cut a significant number of jobs to help cut costs.
Baltimore said in a statement its global restructuring would cause a reduction in staffing and that trading conditions remained challenging. Its shares were indicated down sharply before the market opening today.
In May, the group announced 250 job cuts in a restructuring programme which would bring savings of about euro 20 million.
Internet and technology firms have been cutting staff as global economic slowdown has led to delays in orders and reduced demand for products.
A company spokeswoman said the exact number of jobs to go would be announced in August. Baltimore employs around 1,200 workers globally.
Baltimore said it forecast revenue for the three months to June 30th, 2001, to reach over of £15.5 million - below analysts' forecasts.
Chief executive Mr Fran Rooney said in a statement: "The restructuring should enable the company to manage within its existing cash resources and will require fundamental changes which will focus the company on delivering business in a different way, as well as achieving cost savings."
Shares in Baltimoreclosed at 25p yesterday - well below peaks of around £13.00set in March 2000 during the height of investor appetite for technology, media and telecom stocks.