RealTime IT News

RealNetworks Cuts 140 Jobs

Seattle's RealNetworks Inc. Thursday said it will cut its staff by 15 percent, about 140 jobs, in an effort to rein in costs.

The company said it anticipates a third quarter charge of between $4 million and $5 million due to the restructuring.

"I regret that the economic slowdown has required these changes, and I want to thank our departing employees for their dedication and service," said Rob Glaser, chairman and chief executive officer of RealNetworks. He added, "Our mission is unchanged: to offer the leading universal platform for Internet media delivery. We are refocusing and rebalancing our resources to invest in long-term growth. After we adjust our cost structure, it's absolutely our intent to resume our track record of pro forma profitability and positive cash flow. We are as committed as ever to leveraging our industry leadership in technology, partnerships and global usage of our products."