Actel lays off 10% of workforce

The Mountain View, Calif-based company said it anticipates that the approximate 60 position cut, together with other unspecified cost-saving measures to be initiated in Q4, will decrease quarterly operating expenses by $2.5 million.

By Suzanne Deffree, Managing Editor, News -- Electronic News, 10/17/2008

Actel Corp will lay off 10% of its workforce in an effort to improve its operating results.

The Mountain View, Calif-based company said it anticipates that the approximate 60 position cut, together with other unspecified cost-saving measures to be initiated in Q4, will decrease quarterly operating expenses by $2.5 million.

Actel warned that Q4 operating results will be adversely affected by accounting charges related to the layoffs, which the company currently estimated will be about $3 million.

Actel's job cuts follow layoffs announced by Qimonda AG this week and also come on the heels of a report from AeA, which said that the rate at which the United States is adding tech sector jobs is decreasing.

While Actel did not state any reasons for the layoffs beyond cutting expenses, the FPGA maker in September lowered its revenue guidance from its earlier 1 to 3% projected decline to a 7 to 9% decline. Actel recorded revenue of $57.6 million in Q2, a 5% sequential and 18% year on year gain.

Actel is slated to report on the September quarter on October 28.