Over 100 Layoffs Announced by AMCC

Applied Micro Circuits Corporation announced compensation reductions and a reduction in its worldwide workforce which impacts slightly over 100 people.

This is expected to reduce annual operating expenses by an estimated $14 million to $16 million for AMCC’s Fiscal Year 2010.

“We are committed to managing our operating expenses prudently through this economic downturn. We strive to remain, as much as possible, cash flow neutral. As a part of this, we have also sharpened our focus on key customers and key products. As a result, we are creating a more efficient R&D, SG&A, and operations team that will deliver best in class solutions to process, transport, and store information. We are confident that our strategic capabilities remain intact and our sharpened focus will yield even more significant design wins than the ones we have already secured,” said Kambiz Hooshmand, AMCC’s President and Chief Executive Officer.