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Tech Industry

S1 trims workforce, stock dips

    S1 shares fell $1.81, or 14 percent, to $10.81 Friday after announcing it will trim 7 percent of its workforce as part of its effort to streamline its operations.

    S1 (Nasdaq: SONE) will report its third-quarter results next week with analysts forecasting a loss of $2.39 a share.

    "Through multiple acquisitions, S1 has increased its employee base dramatically in the past year," said CEO James Mahan III in a prepared release. "Today's actions reflect further steps in the integration of these acquisitions into a more streamlined and efficient operation."

    Company officials said it will provide details about a restructuring charge after it reports its third-quarter results.

    Last quarter, S1 reported a loss of $2.1 million, or $2.82 a share, on sales of $59.1 million.

    Its shares moved up to a 52-week high of $142.25 in February before falling to a low of $7.63 in October.

    Fifteen of the 19 analysts following the stock maintain either a "buy" or "strong buy" recommendation.