News this AM...... General Magic Streamlines Operations; Focuses on Meeting Profitability Goals
SUNNYVALE, Calif., Feb 14, 2001 (BUSINESS WIRE) -- General Magic, Inc. (Nasdaq:GMGC), a premier voice application service provider, today announced it is streamlining operations as new chief executive officer and president Kathie Layton continues to focus on the company’s path to growth and profitability. Layton, who joined the company in January of this year, has already implemented key expense management measures as part of focusing the company’s resources on timely execution of its strategy. The company announced today that it has also reduced its workforce by approximately 20%.
"My immediate objectives are to create and sustain strong revenue growth and profitability. To achieve this, we are developing and implementing a focused business strategy that capitalizes on the company’s technology leadership and application expertise. Our goal is to continue as a market leader in voice solutions while delivering strong financial performance," said Kathie Layton, chief executive officer and president of General Magic. "Adjusting our resources is a necessary step in sharpening our focus and enabling us to reach our goals for profitability."
Over 30 jobs cut...considering that others in the tech area are aummarily cutting 20% from their workforce also, I guess this should have been expected. I am glad they are again making the right move to keep our goal of profitability a reality (? VBG).
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