(Adds outlook details)
NEW YORK Nov 12 National Semiconductor Corp
(NSM.N) cut its expectations for fiscal second quarter revenue
on Wednesday, citing weakness in wireless and other industries,
and it said it would reduce its workforce by almost 5 percent
to cut costs.
The analog chip maker forecast sales for the quarter ending
Nov. 23 in a range of $420 million to $425 million compared
with its previous expectation, announced on Sept. 5, for
revenue of $470 million to $480 million.
The company, which currently employs about 7,000 people
worldwide, said it would cut about 330 jobs, primarily in non-
manufacturing positions and would take a third-quarter charge
of $30 million as a result.
National Semiconductor blamed lower-than-expected sales to
mobile phone customers, which brought about a third of its
first quarter sales, and lower shipments to distributors for
customers across a broad range of industries and markets.
"The global business environment has deteriorated
significantly since the beginning of the quarter. New order
rates are currently running at a level significantly below what
the company saw in the first quarter," it said in a statement.
As a result of the job cuts, National Semiconductor said it
hopes to save $11 million to $13 million a quarter, of which it
expects to see a large part in the fiscal third quarter and the
remainder in the fourth quarter.
(Reporting by Sinead Carew; Editing by Andre Grenon; email:
email@example.com +1 646-223-6186))