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Tuesday, March 25. 2008

SiRF Cuts, Stock Falls

GPS

Expect upturns after the holidays in GPS sales never came and thus Tuesday GPS chip maker SiRF announced that it would lay off 7 percent of its 753 member workforce and close offices in South San Francisco and Stockholm, Sweden .

The company expects to report revenues of between $60 million to $62 million, compared to the prior expected range of $71 million to $77 million. A planned move into mobile TV will dropped. The market responded to the bad news: stock fell by about 27 percent to $5.00 by noon

- PC Magazine

Posted by Adena Schutzberg in GPS at 16:57 | Comments (0) | Trackbacks (0)

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