Seattle-based F5 said the company expects to reduce operating expenses by US$7 million to US$8 million over the rest of the fiscal year. Including tax benefits and a restructuring charge of US$1.1 million, F5 said its fourth-quarter loss was US$8.9 million, or US$0.41 a share, compared with net income of US$4.24 million, or US$0.18 a year earlier.
Chief financial officer Robert Chamberlain said the company announced last month that it would cut workers but didn't specify how many at the time. Today, Chamberlain said F5 completed the job cuts in January. The company had 585 workers before the layoffs and has 488 now. Chamberlain declined to give the exact number of people who were fired.
The company, which analysts speculated last summer may be a takeover target, also said its fourth-quarter revenue rose 29 percent to US$24.7 million. F5 said it hopes to break even in the third quarter.
F5 shares rose US$0.06 to US$15.63 on the Nasdaq Stock Market. They've dropped 84 percent in the past year.
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