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Vitesse cuts workforce by 12%
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Vitesse Semiconductor Corporation has followed the lead of several companies in the semiconductor industry and announced cost-cutting measures. The company plans to reduce its global workforce by 12%, with any related charges incurred being accounted for in the second fiscal quarter of 2009.
“We have taken steps to further reduce our operating expenses while fully preserving our investment in R&D and worldwide customer support,” said Chris Gardner, Vitesse CEO. “While we do see a few positive indicators in the market, we remain cautious about the rest of 2009. It was important to take these actions now in order to achieve our goal to remain cash neutral or better for the fiscal year. We remain committed to introducing at least three new products per quarter and to implementing our strategy to enable Ethernet in Carrier and Enterprise networks.”