Harmonic (Nasdaq:HLIT) today announced that it is to dismiss 10% of its workforce, or 100 employees. The company will enter the staff cut as a one-time expense of $800,000 in its first quarter of 2001.
Harmonic Chairman, CEO and President Anthony Ley says that the firm is faced with challenging market conditions and is taking the necessary steps to cut expenses, while trying to maintain long-term competitiveness.
In December 2000, Harmonic released a profit warning for its fourth quarter of 2000, its third in a row. The company blames its falling revenues on a delay in orders from several of its large customers.
Harmonic was founded by Moshe Nazarathy, who has since resigned and been replaced by Joseph Berger. The company provides video, voice and data solutions for cable, satellite, telephone and cellular networks. It has a large development center in the northern Israeli town of Caesarea.