“We are taking these measures to respond to the overall market and slowdown in capital expenditures from our prospective customers. While we believe that the ultimate demand for our products remains strong, we expect that the sales cycles may be pushed out into the first half of 2002,” said Mouli Ramani, Vice President of Business Development.
The measures include a reduction in workforce and capital expenditures, as well as elimination or reduction of satellite offices. Overall, the measures will reduce the workforce by less than 25%. Many of the cuts resulted from the reductions at the company’s office in Richardson, Texas to only critical job functions. After the restructuring and consolidation, Jasmine Networks retains a healthy employee base of approximately 180 employees.