will lay off 10% of its worldwide workforce of 460 employees. The semiconductor design company said the cuts are necessary to help the company lower its operating costs in the weakening telecommunications market.
The company also reaffirmed its guidance for the fourth quarter on a pro forma basis. The company is expected to lose 11 cents a share this quarter, according to Thomson Financial/First Call.
TranSwitch closed up 6.3% on Friday to $4.91 on the Nasdaq.