AMCC at 4 bucks how low can it go? Well there's still RFMD and TQNT to catch up with AMCC.
Applied Micro Circuits said it will lay off 275 workers by the end of its fiscal year in March of next year, and will close its chip-making plant.
The company said it will take a charge in the second quarter on the restructuring.
Applied Micro posted a net loss for the quarter of $404.9 million, or $1.35 a share, compared with a year-ago net loss of $3.3 billion, or $11.18 a share.
The year-ago quarter included a number of charges, including $3.1 billion to write down the value of goodwill associated with acquisitions.
Revenue declined to $30.2 million from $41.2 million.
Shares of Applied Micro rose in after-hours trade on the Instinet system to $4.20, after having closed down 13 percent at $4.09 in regular Nasdaq trade.
The company, in light of depressed sales and a lack of profits, lowered the salary of Chief Executive Dave Rickey by 27 percent, back to the level of three years ago when the company had comparable revenue. President and Chief Operating Officer Doug Spreng's salary was also reduced.
Should be interesting to see how much Sharp will make in consulting fees and how much the new bozo will make before he gets the boot!
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