SHELTON, Conn.--TranSwitch Corp. here today announced it has laid off 10% of its workforce because of weakness in telecommunications chip markets. The company had employed 460 people worldwide.
"With the continued weakness in the telecommunications systems market in North America, Europe and some parts of Asia, it is critical that we lower our break-even point," said Santanu Das, president and CEO of TranSwitch. "This workforce reduction, while difficult, was required to help the company further lower its operating expenses."
The CEO said the company's previously announced pro-forma financial guidance for the fourth quarter "remains unchanged."