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Sigma Designs, Inc. stock price
Sigma Designs, Inc. latest news:
Sigma Designs to reduce workforce by a quarter amid restructuring
Sigma Designs Inc. late Wednesday said it was reducing its workforce by roughly a quarter as part of a restructuring to "accelerate the return to profitability," the Fremont, Calif., company said in a statement. Sigma estimated the move will lower fiscal year 2019 non-GAAP operating expenses by approximately $34 million. "As part of our business review, we have decided that in the near-term, the most prudent action is to significantly reduce expenses," Chief Executive Thinh Tran said. "This will not only bring expenses in line with our current revenue levels, but we believe it will also improve our ability to pursue other strategic alternatives," he said. Sigma plans to reduce its headcount to between 200 and 250 positions worldwide and to consolidate facilities. The company expects one-time charges for severance and lease termination of approximately $8 million to $10 million over the third and fourth quarters in the current fiscal year, it said. Shares of Sigma rose more than 3% in after-hours trading after ending the regular session up 0.8%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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