New management gets busy at Tessera Technologies (TSRA) which intends to refocus efforts on monetizing DigitalOptics technologies, including solutions for imaging and MEMS technologies.
"The changes announced today will enable the company to return its focus to its core IP business, will substantially reduce the company's operating costs, and provide the Company with a path to improved financial performance and profitability."
The company expects to take a charge of $50M-$55M, with about 75% of that amount coming in Q4 results. DOC-related operating expenses are expected to fall by about $17M and be fully realized by Q3 of this year.
CC at 8:30 ET
Shares are currently halted.