Cray cuts costs and lays off 30 peopleSeattle 20 July 2001 Cray has lowered its expectations for its revenues in the previous quarter. The company is also reducing costs, and reducing its work force with 30 (about 3%).
Cray expects revenues for
the second quarter ended June 30, 2001 to be in the range of $28.5
million to $29.0 million, modestly lower than the company's previous
guidance of $31-33 million. The company said a $3 million
supercomputer order expected in the second quarter slipped into the
first week of the third quarter. Final results for the second quarter
are scheduled to be released before the market opens on August 2,
2001.
Cray is implementing several
cost-saving measures to alleviate the expected impact of weakness in
the global economy. These steps will result in a lower operating cost
structure which is expected to be in line with slightly lower than
expected revenues in the second half 2001.
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