SiRF's Down: SiRF announce lay off, 7% of workforce to go
Date: Wednesday, March 26 @ 09:34:46 UTC
Topic:
SiRF Technology, based in San Jose, California and one of the leading GPS chip manufacturers announced yesterday that it would be laying off 7% of its work force following a weak performance in the first quarter of 2008. This followed an 89% drop in fourth quarter 2007 earnings.
The slow down has largely been the result of a marked drop in the number of orders for PND applications which have afllen far short of predicted levels. Increased competition from Taiwanese manufacturers, famous for their low manufacturing costs and miniscule product margins such as Mediatek (MTK) has had a large impact.
SiRF have confirmed that offices in San Francisco and Stockholm will be closed. They have also cancelled plans to move into the emerging mobile TV market and will instead be refocussing on their GPS core business area. Shares in SiRF were down 55% following the announcement with future performance estimates being revised downwards.
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