Fast Search Laying Off 148 Employees; Does Restructuring

Enterprise and media (including mobile) search firm Fast Search & Transfer (based in Norway) is laying off about 148 employees after an internal restructuring. Its Q2 saw a net loss of $26 million – down from net income of $2.7 million a year earlier – on revenue down 11.4 percent to $34.1million. It will pair down to around 730 staff and reduce its quarterly cost base by over $12 million, with the hopes of returning to profitability in 2008, reports CBR. CEO John Lervik said in the story that the firm is battling operational failures that have led to revenue recognition questions and ultimately the company plunging into the red and in need of a restructuring. More in release.