Reuters: Technology News: Intersil to cut jobs as costs mount

Reuters: Technology News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Intersil to cut jobs as costs mount May 23rd 2012, 22:42 Wed May 23, 2012 6:42pm EDT (Reuters) - Chipmaker Intersil Corp (ISIL.O) will reduce its workforce by 11 percent to cut costs and revamp its product portfolio. The company expects to incur charges of about $9 million in the second quarter due to the restructuring, it said in a regulatory filing on Wednesday. Intersil employed 1,643 workers as of December 31, 2011. The company said the restructuring plan includes trimming operating costs by about $40 million annually. Intersil's revenue has declined for the last four quarters. Costs, however, have not fallen, hitting its operating margins. The company posted a wider-than-expected loss for the first quarter, as operating margins shrank to a negative 1.4 percent from 10.5 percent the year ago. The company earlier this month had expressed its intention to limit its focus to a few top markets and segments during presentations to analysts and investors. Shares of the company closed at $10.52 on Wednesday on the Nasdaq. (Reporting by Himank Sharma in Bangalore; Editing by Sriraj Kalluvila) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions