Touch-Feedback Licensor Immersion to Cut 41% of Workforce in Restructuring
Touch-feedback technology licensor Immersion will cut about 41 percent of its global workforce in a restructuring that will include reducing its presence in China to focus mainly on mobile OEM licensing, said the company Wednesday. Immersion also will focus its…
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development efforts to boost its patent licensing model for the gaming and virtual reality markets and cease its involvement in mobile advertising, it said. Streamlining will save about $10 million a year, it said. This follows Immersion’s Nov. 30 announcement installing Chairman Carl Schlachte as interim CEO after the board asked Vic Viegas to quit his CEO post and resign as a director (see personals section of the Dec. 1 issue of this publication). Immersion incurred a $33 million net loss for the nine months through Sept. 30 on a 41 percent decline in revenue to $28.1 million, it reported Nov. 2. Immersion shares closed 1.75 percent higher Wednesday at $6.99.