Velti (VELT -2.9%) has cut 200 jobs (over 1/6 of its workforce) ahead of its May 13 Q1 report,...

|By:, SA News Editor

Velti (VELT -2.9%) has cut 200 jobs (over 1/6 of its workforce) ahead of its May 13 Q1 report, says Mobile Marketer. The site adds (but can't confirm) Velti may move out of its San Francisco offices in an effort to cut costs. The report isn't too surprising, given how Velti is contending with diving sales (Q1 revenue is expected to be down 19% Y/Y) in the wake of a decision to stop doing business in markets with extremely long collection times. Jefferies argued in March Velti now faces "going concern" risks. Can its new mobile ad network help right the ship?