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General

Mitel to cut workforce by 10% as loss narrows in Q1

Thursday 4 May 2017 | 22:31 CET | News
Mitel narrowed its operating loss in the first quarter to USD 6.5 million from 8.4 million the year before and its net loss to USD 21.1 million from 22.4 million, despite revenues going lower to USD 223.1 million from 233 million. Recurring cloud seats grew by 45,000 during the quarter and now stand at 588,000. CEO Richard McBee said that with the sale of its mobile operations behind it, Mitel now wanted to lower costs. To that end, the company will be reducing its workforce by 10 percent by the end of the year. The move will generate annualized savings of USD 30 million, after a one-off

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Categories: General
Companies: Mitel
Countries: World
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