New Horizons Worldwide to Cut Staffing by 7%
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Computer-training provider New Horizons Worldwide Inc. said it will fire about 100 employees--7% of its staff--as businesses spend less to train workers amid the slower economy.
New Horizons anticipates second-quarter profit will fall to 18 cents to 20 cents a share from 31 cents a year earlier. Revenue is expected to range from $43 million to $45 million, up from $36.6 million a year earlier but lower than previous projections.
Analysts had expected earnings of 36 cents.
The Santa Ana-based company said it has seen a “significant decline” in demand from corporate clients, which account for 80% of its revenue.
The stock closed at $18.45, up 28 cents on Nasdaq.
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