Unisys says it’ll reduce its global workforce by about 8 percent after reporting a $43.2 million first-quarter loss and seeing its stock price lose a quarter of its value since the beginning of the year.
The Blue Bell, Pennsylvania-based information technology company employs about 23,000 people worldwide. The cuts announced Thursday will affect about 1,800 jobs.
Unisys says the move will generate annualized savings of about $200 million by the end of 2016.
The company’s first-quarter loss amounted to 87 cents per-share. Adjusted for non-recurring costs, the loss was 32 cents per share.
It posted revenue of $721.2 million in the quarter.
Unisys shares have declined 26 percent since the beginning of the year, sinking to $21.36 as of noon, Friday.