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Semtech plans to lay off 8% of workforce

Jul. 15, 2015 5:27 PM ETSemtech Corporation (SMTC) StockBy: Eric Jhonsa, SA News Editor
  • Semtech (NASDAQ:SMTC) CEO Mohan Maheswaran: "Given our recent revenue decline driven primarily by weak Korean smartphone demand, we have made the very difficult decision to reduce our headcount and operating expenses across a majority of Semtech's locations ... Our recent investments in infrastructure such as our SAP® ERP system, and our Salesforce.com® and Workday® systems, will allow us to scale more efficiently as our revenue grows." (Press Release)
  • The analog/mixed-signal chipmaker expects to record $3.5M worth of charges, and achieve $20M worth of annual cost savings. It's two months removed from posting an FQ1 miss and issuing soft FQ2 guidance. The FY16 (ends Jan. '16) revenue consensus of $524.2M implies a 6% Y/Y decline.
  • FQ2 results are expected in late August.

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