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SHARES IN OPEN TELECOMS PLUNGE 34% AFTER JOB CUTS NEWS.
SYDNEY, June 1 Asia Pulse - Shares plunged 34 per cent in early trade for the Murdoch and Packer-backed Open Telecommunications Ltd (ASX: OTT) after announcing job cuts.
The company is struggling to meet forecast cashflow.
OTT shares dived 11 cents to 19.5 cents by 1055 AEST. It was the top traded stock, with nine million shares changing hands.
OTT warned last night it would slash staff by 20 per cent to 480, to allow it to "better focus the company on its core technologies and key markets".
It said a delay in closing software sales had impacted revenue and cashflow timing for the company.
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Source: HighBeam Research, SHARES IN OPEN TELECOMS PLUNGE 34% AFTER JOB CUTS NEWS.