Baltimore slashes 250 jobs as losses grow
Security firm Baltimore is going to slash 250 jobs as Q1 losses have grown to £71.9 million, up from £7.5 million a year earlier.
The rise has been put down to marketing and acquisition spending.
The company is also closing offices and expects this, alongside the job cuts, will mean savings of between £30 million to £35 million a year.
Q1 sales more than doubled to £23.7 million, up from £9.5 million a year earlier. Acquisition costs rocketed more than 16 times to £57.3 million. The company also racked up £21 million in marketing costs.
Baltimore now aims to break even in Q1 2002, rather than Q4 2001 as it had previously hoped. It is launching a PKI service aimed at SME's because larger enterprises are delaying investing in PKI. ®