Seeking Alpha

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.
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