Incyte Genomics to cut staff 37 pct, loss widens
Tuesday November 12, 4:54 pm ET
PALO ALTO, Calif., Nov 12 (Reuters) - Incyte Genomics Inc. (NasdaqNM:INCY - News), which develops databases of genetic information used by drug and biotech companies, on Tuesday announced plans to cut its staff by 37 percent as it aims to trim annual expenses by $88 million in the wake of a sharp drop in revenue.
The Palo Alto, California-based company also said its third quarter net loss widened to $38.4 million, or 57 cents per share, compared to $17.8 million, or 27 cents per share, for the same quarter in 2001.
Revenue fell to $22.4 million from $57.3 million for the same period last year.
Incyte said it will cut its 700-person workforce by 37 percent and as a result, expects to incur a charge of up to $40 million during the fourth quarter. |
