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RF Micro to cut 350 jobs worldwide
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Published: May 6, 2008
GREENSBORO — RF Micro Devices Inc. said yesterday that it is cutting 350 jobs worldwide with its decision to reduce its development of wireless-systems.
The company, based in Greensboro, said it will focus its resources on core semiconductor component products, including cellular front ends and other components, and its expanding portfolio of semiconductor components.
The company said it will take a charge of up to $50 million over its next two quarters as part of eliminating product-development expenses in its wireless-system business, including cellular transceivers and GPS solutions. RF Micro said it is in talks with strategic and financial buyers for some of those assets.
"These strategic actions will enable RF Micro Devices to deliver more predictable financial results and substantially higher profitability, said Bob Bruggeworth, the president and chief executive of RF Micro.
RF Micro also reported it had a loss of $16.5 million in its fourth quarter, which ended March 29, compared with a $30.1 million in net income in the fourth quarter of 2007. The chipmaker reported an earnings loss of 6 cents compared with diluted earnings of 14 cents a year ago.
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