GT Advanced (GTAT) -7.2% after warning it expects Q3 revenue to be at the low end of its...

|About: GT Advanced Technologies, Inc. (GTATQ)|By:, SA News Editor

GT Advanced (GTAT) -7.2% after warning it expects Q3 revenue to be at the low end of its $110M-$140 guidance range (consensus stands at $153M). In addition, the company: 1) Plans to cut 25% of its workforce in a restructuring it expects will produce $13M/year in cost savings, and $4.2M in charges. 2) Warns 2013 will be challenging, and that Asian LED/solar equipment customers are "experiencing severe financial difficulties." 3) Has re-shuffled the execs in charge of LED and solar ops. (PR)