Corel slashes 22 percent of workforce

Corel, based in Ottawa, Canada, will have a worldwide workforce of around 769 following the cuts.

A spokesperson for Corel Australia was unable to say how the cuts might affect the company's Asia Pacific operations.

"While we anticipate revenue growth for fiscal 2003, we are adopting a conservative approach in aligning our cost structure to reflect the company's current revenue patterns," Corel President and chief operating officer Derek Burney said in a statement.

The changes will result in a one off restructuring charge of US$5.8 to US$6.3 million for the current quarter.

Corel shares slumped nearly five percent to US$1 following the news.