Data analysis software vendor MicroStrategy is to cut 10 per cent of its global workforce in its continued bid to return to profitability.
Most of the 234 jobs affected will be in its Washington DC headquarters but some staff in its 40 offices in the rest of the US and Europe could also go. Jobs under the axe will be those in administration, marketing and consulting and the reduction will be completed by the end of September.
The company has also cut perks such as its annual Caribbean cruise for employees which alone is expected to help shave $5m a year from its costs. It also plans to reduce budgets for external consultants and contractors.
Michael Saylor, MicroStrategy's chief executive, said the company's current financial performance is "unacceptable" and that it expects to take a restructuring charge of between $4m and $8m in its fiscal third quarter.
As part of the restructuring, the company is introducing a new distribution strategy which it hopes will cut the length of sales cycles and expand the company's customer base.
An online store has been added to its channel and MicroStrategy will provide free development software for qualified partners. It also launched a new version of its Windows NT database software, MicroStrategy 7 Standard Edition for Windows NT.
This year has proved a testing time for the company. Earlier this month, it cancelled close to 236 new jobs with candidates that had not yet started with the company, and at the beginning of the year the US Securities and Exchange Commission began an investigation which led to MicroStrategy restating its previous year's revenue figures.
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