SANTA CLARA, Calif.-Semiconductor and processor company PMC-Sierra Inc. announced it will cut an additional 63 jobs as part of its previously announced restructuring plan. The news comes as the company expects to hit the high end of its second-quarter revenue forecast.
PMC-Sierra’s stock was up slightly on the news to about $9.66 per share.
“Business conditions across all of our product groups are improving, with new communications and storage products contributing to our business momentum,” said Bob Bailey, the company’s chairman and chief executive officer. “Additionally, we are continuing to focus on improving the efficiency of our operations to enhance our ongoing business performance.”
PMC-Sierra previously announced it would cut 26 jobs. The total number of cuts is now at 89 positions. The company said it expects revenues to be at or near the $70 million to $72 million it previously forecast for the second quarter.
