Over the past two years, Fast has hired around 400 employees and the cuts will take place globally. According to Pandia, the company has hit a revenue plateau, but expects 30% growth next year (ironically after letting go 37% of their workforce).
The trouble started in the fall of 2006, when financial director Joesph Larson discovered unexpected losses of NOK 65 millions (USD 11 mill). Unfortunately that was not the end of the story. CEO John Markus Lervik now admits that the company has been too much technology- and sales-driven.