SAN JOSE, Calif. Hit hard by the IC inventory glut, communications-chip maker TranSwitch Corp. on Monday (Jan. 24) said that it has cut its workforce by 18 percent.
"In the fourth quarter, 2004 and the first quarter, 2005, we took several steps to meaningfully reduce our operating expenses," said Santanu Das, chairman, chief executive and president of TranSwitch, in a statement.
"These steps included the very difficult decision of reducing our staff by approximately 18 percent. This is the fifth time we have restructured our staff since the downturn started in 2001," he said.
TranSwitch (Shelton, Conn.) posted fourth-quarter revenues of $8.4 million and a net loss of $13.9 million, or minus $0.14 per share. This compares to sales of $7.4 million and a loss of $11.2 million, or minus $0.12 a share, in the like period a year ago.