Israeli Internet infrastructure firm Jacada Ltd.(Nasdaq:JCDA) will cut its workforce 25 percent and trim salaries for the remaining workers, aiming to improve finances as it waits for the market to improve, the firm said on Monday.
Jacada, which warned on Oct. 3 that its third-quarter loss would be wider than Wall Street expected because customers had pushed back some deals after the Sept 11 attacks, said it expected the measures to cut expenses by $10 million annually.
"While Jacada has the largest pipeline in our history, we made the decision to proceed conservatively. These cost-cutting measures will enable us to preserve our cash position while remaining nimble as we wait for overall market conditions to improve," Chief Executive Gideon Hollander said in a statement.
Jacada will release third-quarter results on Oct. 31. It disclosed neither the timing nor other details related to the job cuts.