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.