Video technology provider Kit Digital to cut 22% of workforceSeptember 17, 2012 - 16:43 AMT PanARMENIAN.Net - Video technology provider Kit Digital Inc said it would cut 300 jobs, or 22 percent of its workforce, in the third quarter to reduce costs, Reuters reported. Kit Digital, whose cloud-based system enables clients to broadcast digital videos across several devices, expects to record a restructuring charge of about $4 million in the current quarter. The company, which never made a profit since its 2009 Nasdaq listing, said it expects to save about $40 million annually in employee-related expenses from the job cuts that will be completed by the end of this year. Kit Digital, which counts technology, entertainment and media giants such as Google Inc, Hewlett Packard Co, Disney-ABC, MTV and BBC among its clients, said in June that it was in talks with several buyers. The company named shareholder Peter Heiland chief executive in August, replacing recently appointed CEO Barak Bar-Cohen. It also lost four directors in March and has recently appointed a new chief financial officer and a chief technology officer. Kit Digital shares, which have lost close to 70 percent of their value in the last one year, closed at $3.01 on the Nasdaq last week. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | International cybercrime ringleaders arrested in Armenia, Ukraine Europol, Europe's crime agency, has arrested four ringleaders of several cybercrime networks that used botnets. Armenia skips CSTO Defense Ministers meeting A meeting of the Council of Defense Ministers of the Collective Security Treaty Organization countries began in Almaty. Armenian, Iranian foreigh policy chief talk over the phone The Foreign Minister of Armenia once again expressed condolences to his counterpart on the death of the President of Iran. Armenia, U.S. customs authorities to boost assistance with new deal The government has approved an agreement with the U.S. government on mutual assistance between the customs authorities. |