TORONTO—Canadian Internet infrastructure software company 724 Solutions is reacting to the tepid wireless environment by laying off an estimated 350 employees. Third fiscal quarter revenues for the company are expected to be C$10 million (US$6.4 million), C$5 million (US$3.2 million) below analysts’ estimates.
724 Solutions’ software allows consumers to access online banking and brokerage services by means of cell phones, personal digital assistants (PDAs) and two-way pagers. It has signed deals with financial institutions such as Citigroup, Bank of America, Wells Fargo, MasterCard and Bank of Montreal.
