Openwave Restructures, Lays Off 25%
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Redwood City, Calif.-based Openwave announced on Monday that it will cut 25 percent of its workforce and restructure its operations in order to reduce costs and accelerate its return to profitability.
The company's restructuring plan includes the consolidation of products within each of its three core product groups: mobile infrastructure, messaging applications and client technologies.
The restructuring will result in charges in the September quarter of approximately $75 to $90 million, comprised primarily of charges for employee severance and facility consolidations. These and other actions are expected to result in quarterly total cost reductions of approximately $25 to $30 million.