Kemet (KEM -9%) slides after its FQ1 misses Street consensus estimates earlier today. Revenue...

|About: Kemet Corporation (KEM)|By:, SA News Editor

Kemet (KEM -9%) slides after its FQ1 misses Street consensus estimates earlier today. Revenue beat slightly, but bottom line results were hammered by higher operating and restructuring costs, and nearly a 23% decline in total revenue. Additionally, the company says it will be cutting 420 employees globally, representing 4% of its workforce, and take a $7M charge to the current quarter to cover severance expenses.