Artesyn Falls on Warning
Artesyn Technologies (ATSN) was down 18.6% in preopen Instinet trading after the company said it expects a second-quarter loss of 15 to 20 cents a share on revenue of about $120 million.
Analysts had expected the power conversion equipment maker to earn 3 cents per share, according to
Thomson Financial/First Call
.
Artesyn also said it would cut between 12% and 15% of its workforce as part of cost-cutting efforts that it says should produce savings of $40 million a year.
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