Irish Internet security firm Baltimore technologies will cut 400 jobs this week, it has been reported. It is not clear how the cuts would affect workers in Ireland.
The announcement will be made on Wednesday when the company reveals it has made a half-year pre-tax loss of £18 million, according to the report in the British Independent on Sunday.
A job loss announcement is not unexpected. Baltimore faces a gruelling period over the next year as it seeks to slash its costs base and save itself from running out of cash before it reaches break even point. Analysts estimate that this will occur in 2003.
Demand for Baltimore's public key infrastructure security software has slumped amid the general technology downturn and its share price has plummeted to just 24.5 pence from a high of £15 in April last year.
In July Baltimore chief executive, Mr Fran Rooney, stood down from his position. On Friday it was announced that the General Semiconductor plant in Macroom, Co Cork was to close with the loss of 670 jobs.
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