Cray To Slash Workforce By About 14%, Most By The End Of The Week

Cray Inc. disclosed Wednesday it plans to cut 190 jobs, which is about 14% of its workforce, as part of a restructuring plan aimed at cutting costs by $25 million a year. The supercomputing company said in a filing with the Securities and Exchange Commission that the "vast majority" of the job cuts will be effective July 21. The cuts will affect "all organizations and major geographies" of the company. Cray said it expects to record restructuring charges of $10 million, most of which will be recorded during the third quarter. The stock, which was still inactive in premarket trade, has lost 8.7% year to date, while the SPDR Technology Select Sector ETF has run up 18% and the S&P 500 has gained 9.9%.