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Cirrus' Loss Narrows, to Cut Staff | |
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| Time: 04:11 EST/09:11 GMT | News Source: Reuters | Posted By: Alex Harris | ||
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Semiconductor manufacturer Cirrus Logic Inc. on Monday reported a narrower quarterly loss and said it would cut 155 jobs, or about 13 percent of its work force. Austin, Texas-based Cirrus, which makes a component used in Microsoft Corp.'s Xbox, said its net loss narrowed to $15.9 million, or 19 cents a share, for the first quarter ended June 30, from a loss of $23 million, or 31 cents, a year ago. Revenues tumbled about 60 percent to $76 million from $189.5 million. For the second quarter, Cirrus said it expected revenues to be "comparable" with the first quarter and saw a loss between 6 cents and 10 cents a share. Excluding items and charges, Cirrus posted a loss of $7.7 million, or 9 cents a share, compared with a profit of $8.3 million, or 11 cents a share, the prior year. | ||
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