Metalink Announces Job Cuts

Responding to local media reports, Israel based developer of wireless broadband communication silicon solutions, Metalink has confirmed that it is to cut 20 jobs from the company. In a statement, the company noted that it had increased its headcount from 160 employees at the end of 2006 to 230 employees at the end of 2007, and it intends to pursue its expansion. However, the company has decided to lay off 20 employees as part of its streamlining measures and to adjust the company's human resources to its work plan.

That represents nearly 10% of the workforce. 

Revenues for the fourth quarter of 2007 were $1.4 million, virtually all of which derived from legacy DSL sales. This compared to $3.6 million for the fourth quarter of 2006. Net loss for the period was $8.5 million compared to $3.9 million for the fourth quarter of 2006. Net loss for the fourth quarter of 2007 includes stock-based compensation expenses of $0.5 million.

Commenting on the quarter, Metalink's CEO, Tzvika Shukhman, said earlier this month, "After several years of preparation, we are now on the verge of the breakthrough we have been anticipating for our WLANPlus 802.11n-compliant chipsets."

Posted to the site on 13th February 2008