The struggling company presented first quarter results today, revealing it lost 518 million USD while revenue fell 43 percent to 2.8 billion USD.

The cuts are part of an earlier announced plan to achieve 1 billion USD in savings by the end of fiscal 2013.

“Our first quarter results reflect the market challenges I have outlined since my appointment as CEO at the end of January. I am not satisfied with these results and continue to work aggressively with all areas of the organization and the Board to implement meaningful changes to address the challenges, including a thoughtful realignment of resources and honing focus within the Company on areas that have the greatest opportunities,” said Thorsten Heins, President and CEO regarding the restructure.