Anadigics cutting ~30% of workforce, issues Q2 warning


Anadigics (ANAD) is cutting 140 jobs, or ~30% of its workforce, as part of a restructuring that will feature a downsizing of the company's chip manufacturing ops.

The company expects to record $7.3M in charges ($2.3M cash), and eventually achieve over $15M/year in cost savings.

Citing weaker demand for "legacy mobile" products, Anadigics now forecasts Q2 revenue of $23M (-34% Y/Y) and EPS of -$0.10, below a consensus of $25.5M and -$0.09.

The chipmaker says it'll focus more on its growing/higher-margin telecom infrastructure IC business going forward, along with "strategic mobile markets" (presumably includes Wi-Fi front-end ICs).

Shares are halted.

Update (4:53PM ET): Shares are now down 1.9% AH.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs