Netro cuts 50 jobs

With agencies

Broadband wireless solutions provider Netro Corporation (Nasdaq:NTRO) announced Friday that it is to cut around 50 jobs, or about 16% of its staff, in a bid to reduce costs.

The company said the payroll reduction should reduce operating costs by at least 10%.

Netro, which is based in California, said it expects to incur one-time employment-related charges in the third quarter in the range of $1.0 - $1.5 million.

That includes employee commitments made in connection with its acquisition of assets and employees as part of the Angel wireless assets project acquisition from AT&T Wireless.

"We are undertaking these measures in order to rationalize our cost structure and to better focus our prime resources on large Angel opportunities. We believe the Angel platform will be our growth engine for the future," said Netro CEO Gideon Ben Efraim.

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