Oasys Mobile has revealed quarterly losses of over US $5 million (EUR 3.8 million).
The mobile company, which counts ex-Sega and Sony exec Bernie Stolar as director, saw net losses reach US $5.28 million (EUR 4 million), compared to US $1.09 million (EUR 841,000) the previous year.
Revenue for the period was US $2.12 million (EUR 1.6 million), compared to US $2.06 million (EUR 1.5 million) in 2005.
The company is now slashing its workforce by nearly a quarter, from 70 to 50 employees.
"During the third quarter, we continued to see growth in our applications business with our new product launches, although total revenues increased only slightly over the third quarter of 2005 due to the conclusion of our relationship with Sport Illustrated in March," said Stolar.
Despite losing the Sports Illustrated deal, the company remains undeterred, with Stolar stating: "We will continue to launch new products, particularly games, continue our expansion internationally and introduce new distribution channels."