RealNetworks Lays Off 7.5 Percent Of Its Staff, About 130 Jobs
This story was written by Staci D. Kramer.
RealNetworks (NSDQ: RNWK) is laying off roughly 7.5 percent of its staff, about 130 people across the company, and cutting 30 contract positions and consultants, the Seattle-based company announced in an SEC filing this afternoon. From the brief filing (the legal mumbo jumbo is longer than the text): "The Company eliminated the foregoing positions to reduce operating costs in light of slowing consumer and business spending due to the current economic downturn. Notwithstanding the reduction in force, the Company expects to achieve record revenue for full year 2008." The filing confirmed an earlier report by CNET News.
From the company blog, a positive spin on layoffs: "To put this in context, we still expect to report record revenue for the year, and as our strong balance sheet would suggest, we are well positioned to take advantage of strategic growth and investment opportunities as they arise." Also, some compassion from the company: "Departing employees can conduct job searches for other positions at Real or elsewhere from their offices here, or, if they prefer, from home. Everyone will remain on the payroll through the end of the year, plus each will be offered a cash severance package based on their length of service. Because of the unusual and difficult economic times, these severance packages include outplacement services and six months of COBRA healthcare coverage."
By Staci D. Kramer