888 downsizes – will let go 20% of employees

888 Holdings, operators of online gambling sites with 888 Ladies being their major bingo site, will be letting go 20% of about 1,000 employees working for the company around the world. The downsizing will be made as part of the company merging their product and technology department.
Although not relating to the number of employees to become redundant, 888 Holdings spokes person said that in light of the latest financial changes in the market and organizational changes being made in the company, as similar to many other companies, we are forced to make some business process reengineering steps that include, unfortunately, letting go of staff.

In spite of this news, 888 holdings are expecting positive performance figures for the year of 2010, although its spokes person says they are still short of their financial goals. The company’s revenues in 2009 were $67.9million, a 14% growth in relation to 2008.

888 has been working hard in the past year on supplying business solutions to other companies, big part of them were the supply of their Dragonfish software to existing and new online bingo sites – Bingo Hollywood, for example, is powered by the software, as well as many other bingo sites. Having said that, financial reports indicate that 80% of the 888’s revenues are still from direct online services to clients, like the company’s popular 888 Ladies bingo site, while their B2B activity accounts for 20% of their annual revenues at the moment. So far in 2010, 888 has had 100 million USD in revenues.

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