A third quarter loss of $12.4 million has forced network software company General Magic to make a third of its 280 staff redundant, with the company blaming an inability to keep up with the pace of the Internet as the reason for its problems.
Turnover for the period dropped to $754,000 from a $1.1 million figure in the same period last year. The redundancies will mean a charge in its fourth quarter, which may be as much as $4 million.
General Magic said that an attempt to bring its software up to date with current Internet standards was the reason for the loss, resulting in lower licence fees in the period.
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