LSI (NASDAQ:LSI-OLD) late Wednesday announced that it will cut 900 jobs, or about 13% of its worldwide workforce, in a move related in part to its acquisition of Agere (AGR-OLD). The chip maker also trimmed its guidance for the second quarter.
LSI now sees revenue of $650 million to $670 million, with non-GAAP EPS between a loss of 3 cents a share and breakeven. The GAAP loss for the quarter is expected to be between 43 cents and 52 cents a share.
The company previously had forecast revenue for the quarter of $715 million to $745 million, a non-GAAP profit of break even to 3 cents and a GAAP loss of 40-49 cents a share.
LSI blamed the shortfall on “greater than anticipated softness in our businesses.”
After hours, LSI fell 44 cents, or 5%, to $8.20.
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