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Technology / AI and automation

20% TO GO AT FLOATING POINT

Despite spending cash on Celerity’s assets, Floating Point Systems Inc is cutting 160 jobs, 20% of the total to reduce its costs. Sales for the fiscal second quarter to April 29 are expected to be about 10% below the first quarter’s $19.2m, on which the Beaverton, Oregon company lost $5.2m; it lost $2.1m on $23.5m sales this time last year.

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CBR Staff Writer

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