OWINGS MILLS, Md.—Aether Systems Inc. said it will surpass its efforts to reduce its annual expenses by $78 million and has released guidance for upcoming quarters.
The company said it has identified another $25 million in savings, partly resulting from the 280 job cuts it made earlier this week, reducing its annual spending by a total of $103 million.
According to Aether’s guidance, revenues for third quarter 2001 will be $25 million, down 22 percent from last quarter, with no growth expected until the first half of 2002. However, the company does expect revenue for the year to surpass $110 million, almost double the $58.2 million it recorded for 2000.
