Internet technology company Ixia said Wednesday that it will cut up to 10 percent of its employees and implement other cost savings as part of a restructuring initiative.

About 75 to 80 positions are expected to be eliminated. The Calabasas company said it expects the restructuring to result in annual cost savings of about $6 million.

Ixia said it will record a pre-tax charge in the second quarter to account for severance and other costs of $1 million and also will write down about $1 million to $2 million of slow moving and impaired inventory. The restructuring plan will be completed by June 30, with some outside contractors kept on through July. Ixia provides test systems for equipment that’s used on the Internet.

Ixia also reiterated its revenue guidance of $35 million to $40 million for the second quarter and expects to report a loss in a range of 5 cents to 10 cents per share

“Although we have a strong balance sheet and have remained cash-flow positive, the current economic downturn has negatively impacted our revenues and profitability,” Chief Executive Atul Bhatnagar said in a statement. “We continue to be cautious about the economic outlook, and we think it is prudent at this time to align our operating costs with our business opportunities.”

Shares were up 11 cents, or 2 percent, in midday trading on the Nasdaq.