510 job cuts set by LSI (Milpitas, CA)

[UpInArms]

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/10/28/BUGTK9HGS91.DTL

LSI Logic Corp. said Wednesday it lost $282.4 million in the third quarter and will slash 510 jobs, or 11 percent of its workforce.

The Milpitas maker of chips for DVD players and data storage systems said the loss represents 73 cents per share as revenue shrank 16 percent to $380.2 million. In the same period a year ago, LSI Logic posted a loss of $32 million (8 cents) on $450.2 million of sales.

"After a good first quarter, we saw slowing of order rates and, as we moved into the third quarter, it became clear that a major downshift of (new orders) was under way," Wilfred Corrigan, LSI Logic's chairman and chief executive officer, said Wednesday in a conference call with Wall Street analysts.

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The last time LSI Logic had a round of job cuts was in January of 2002, when the firm, which was still feeling the effects of the industry's worst downturn, slashed 1,400 jobs.

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