Semiconductor maker Elantec Semiconductor Inc. reduced its third-quarter profit and revenue forecasts for the second time and said it will cut its 375-member work force by 15% as it struggles with softer demand for its communications products.
Revenue for its fiscal third quarter ending June 30 will be down 30% to 35% from the second quarter's $30.6 million, Elantec said. The company expects earnings of 6 cents to 8 cents a share before a $2.9-million charge associated with the job cuts and with asset write-offs. Analysts on average were expecting 11 cents, according to First Call/Thomson Financial.
Shares of Milpitas, Calif.-based Elantec fell $2.76 to close at $30.61 on Nasdaq.