Lionbridge Technologies Inc. has declared that it suffered a 22 percent year-over-year drop in the revenue for second quarter. However company sources have referred to the improved sequential performance within the same period which is an indication of better business in the later half of the year.
The translation technology company based in Waltham, Mass, reported that its revenue for this year’s second quarter stood at $98 million, down from $125.5 million for the same quarter last year. Losses amounted to $248,000 which translates into less than a penny for a share, while in 2008 the company achieved a net profit of $908,000, which meant 2 cents per share. Though some of the losses can be attributed to restructuring charges linked with the 325 layoffs that was announced in March. The charges amounted to $1.6 million.
CEO Rory Cowan has said that Lionbridge Technologies Inc. will continue in its efforts towards reducing fixed costs and improving profitability. He added that inspite of the recession Lionbridge has been successfully creating and maintaining long-term business relations with well-reputed global organizations and they look forward to steadily improving business in future.