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SINGAPORE: Chip foundry Chartered Semiconductor has reduced its guidance for the fourth quarter due to weaker demand from customers.
In a filing to the Singapore Exchange, Chartered says it now expects a net loss of US$0.30 to US$0.33 per American Depository Share.
Revenue is expected to come in at between US$343 million and $353 million.
Chartered says it's revising its outlook because customers have been postponing deliveries to keep inventories low.
With the uncertain business environment, Chartered says it is now aggressively identifying additional areas for cost reduction, in addition to those that are being implemented currently.
Chartered cut 273 contract positions in Singapore this week.
It has also eliminated overtime and plans to selectively shut down part of its operations during the Christmas holiday week.
The firm is also temporarily cutting salaries by five to 20 per cent based on job grades.
Chartered is due to release its fourth quarter results on January 30 before the Singapore market opens.
- CNA/yb
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