Vitesse Semi has cut work force by 10%
--7:44pm - By Nicole Maestri
Late Tuesday, Vitesse Semiconductor (VTSS) said it has cut its worldwide work force of 1,300 by 10 percent.
"The work force reduction, while unfortunate, was necessary to lower our operating expenses and reduce our
breakeven level," said CEO Lou Tomasetta, in a statement. The company said it isn't changing its first-quarter pro
forma financial targets. Analysts, on average, expect the company to post a loss of 13 cents per share for its first
quarter, on revenue of $37.4 million. In the same period a year earlier, Vitesse earned 25 cents per share on
revenue of nearly $165.1 million, according to Thomson Financial/First Call. Shares closed up $1.66, or 14
percent, at $13.58 ahead of the report. |
