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Brocade to cut 9% of its workforce
SAN JOSE: The company, which makes hardware for enterprise storage networks, will take a charge in the second quarter. It will explain the charge when it reports fiscal second-quarter financial results in May. Brocade cut about 12% of its workforce in the first quarter, a move that resulted in a $10.1 million charge.
At the end of the March quarter, Brocade said the fiscal second quarter ending in April was on track for revenue of $128 million to $133 million, an increase of 4% to 8% from first-quarter levels.
In after-hours trading, Brocade was off 6 cents a share, or 1.2%, to $5.10, after gaining 2 cents a share during the regular session.
Brocade noted that, on March 31, executives said the fiscal second quarter ending in April was on track for revenue of $128 million to $133 million, an increase of 4 percent to 8 percent from first quarter levels.
Gross margin was still expected to be 53 percent to 55 percent and earnings-per-share before charges related to its Rhapsody acquisition would be break-even, the company said in March.