With second quarter revenues down 9.6 percent, an Aliso Viejo-based tech company announced it will reduce its workforce by 25 to 30 percent.
Smith Micro (51 Columbia) will reduce its current roster of 333 employees down to 250 by September, citing less revenue and greater losses than investors projected, said the Orange County Business Journal and the Orange County Register.
The company's stock fell 2.6 percent in after-hours trading following the announcement.
"We believe the cost savings from these actions will streamline our organization and put us in a better position to achieve our goal of returning to profitability by the end of this year," President and CEO William J. Smith, Jr. said in a recent announcement.
Smith Micro makes network connection hardware including mobile connections for emergency workers. The company also makes products for data traffic and connection management, as well as visual voicemail.
The company recently launched Poser 3D animation and character-creation software. Poser 10 (retail $300) and Poser Pro 2014 (retail $500) helped earn the firm a 3.1 percent revenue bump in the second quarter of 2013 compared to the same quarter last year.
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