is still braking with the communications sector slowdown.
chip spinoff reported $537 million in revenue for the first quarter of its fiscal year 2002 Wednesday before the bell, slipping 11% sequentially and dropping 61% from the first quarter of 2001. The revenue figure missed Wall Street forecasts of $539 million, according to Multex.com.
The company has been rapidly cutting its costs to adjust for the deterioration in its chip and optical electronics segments. It planned to reduce its employee base of 18,000 by 6,000 jobs by the end of the 2001. Wednesday it announced further moves, including the sale of a manufacturing facility in Orlando, Fla., and the consolidation of nine office sites to two.
The changes haven't turned around Agere's profit outlook just yet, as the chipmaker lost 23 cents a share. Factoring out special items, Agere reported pro forma losses of 17 cents a share (23 cents per share according to generally accepted accounting principles), ahead of consensus estimates of 22 cents a share in losses, as reported by Multex.com.
Agere met its predicted first-quarter performance that included revenue of $540 million and a loss of 22 cents to 23 cents a share back in October. The company presented its outlook for the second quarter of 2002 Wednesday, saying that it expects flat revenue and losses.