F-Secure cans one in five workers

Losses narrow

By John Leyden • Get more from this author

Posted in Business, 7th August 2001 13:50 GMT

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F-Secure, the Finnish security specialist, has narrowed its losses after offloading one in five of its workers.

During its second quarter, F-Secure made a loss of 3.5 million euro ($3.1 million) on sales of 10.7 million euro ($9.4 million), which compares to a loss of 3.8 million euro ($3.4 million) on revenues of 9.8 million euro ($8.6 million) for the same period last year.

In April, F-Secure announced that it would reduce its headcount by 120 (from around 470 to 350 people) in response to disappointing sales of some products and a general slowdown in IT spending.

The firm is looking to sales of file encryptors for handhelds, such as PocketPC and Palm devices, and an important licensing agreement with Nokia involving the development of security products for the Symbian platform, for future growth. ®