InterTrust to axe 150 jobs.

TV MEETS THE WEB-(C)2002 Van Dusseldorp & Partners - http://www.vandusseldorp.com/

Digital rights management (DRM) company InterTrust Technologies said it plans to cut 70 per cent of its staff and restructure its business strategy after reporting poor first quarter financial results.

Revenues fell to $706,000 (E771,642) in the first quarter from $2.4m (E2.6m) the same time last year with the net loss for the quarter reportedly standing at $12.4m (E13.5m).

The US-based company?s strategy shift is understood to include slashing 150 full time jobs as the company moves to narrow its business to developing and licencing intellectual property for DRM and trusted computing.

?We are confident of our future as an intellectual property company,? said InterTrust president and CEO David Lockwood. ?Our confidence is based on two beliefs: DRM and trusted computing are essential for the future of digital commerce; and InterTrust's patents are essential for DRM and trusted computing.? ((Distributed via M2 Communications Ltd - http://www.m2.com))