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Layoffs, revenue warnings at National Semi

National Semiconductor on Tuesday warned that its revenue and earnings will fall short of Wall Street estimates and that it will eliminate 1,100 jobs, or about 10 percent of its work force. National Semi said in a statement that it now expects sales to be between $390 million and $400 million, down 16 percent to 18 percent from the previous quarter.

Written by ZDNET Editors, Contributor May 8, 2001 at 5:00 p.m. PT

National Semiconductor on Tuesday warned that its revenue and earnings will fall short of Wall Street estimates and that it will eliminate 1,100 jobs, or about 10 percent of its work force.

National Semi said in a statement that it now expects sales to be between $390 million and $400 million, down 16 percent to 18 percent from the previous quarter. Excluding charges, the company said it expects to post anywhere from a break-even result to a loss of 4 cents a share.

According to First Call, analysts had expected the company to report a profit of 4 cents per share.

National Semi, which makes chips for cell phones and consumer electronics devices, said the job cuts will come through a combination of layoffs, attrition and retirement and affect 800 full-time employees and 128 contractors. The job cuts, along with an effort to reduce other costs, should save the company about $70 million to $80 million a year, National said. --Ian Fried, Special to ZDNet News

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Layoffs, revenue warnings at National Semi

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