Entropic posts USD 27.6 mln loss in Q3, replaces CEO

Monday 10 November 2014 | 15:51 CET | News
Semiconductor group Entropic reported net revenues of USD 43.2 million in the third quarter, down from US 50.2 million in the previous quarter and USD 56.4 million in the third quarter of 2013. The company's third quarter net loss came in at USD 27.6 million, compared to the 21.8 million loss reported in the second quarter and the USD 11.9 million net loss of the year-earlier period.

In a separate statement the company announced that current CEO Patrick Henry would be leaving the company and stepping down from the board of directors, to be replaced as interim president and CEO by current board member Ted Tewksbury. A former president and CEO of Integrated Device Technology, Tewksbury has been a member of Entropic’s board since September 2010. “Entropic is refocusing on its core radio frequency, analogue/mixed signal and digital signal processing technologies," he said, before adding that the company will not be developing new set-top box system-on-a-chip (SoC) products but will continue to invest in existing SoC products.

Entropic also announced that it would be implementing a restructuring plan over the next quarter, resulting in an expected workforce reduction of some 200 positions, around 40 percent of Entropic's global workforce. The plan would result in the closure of Entropic’s facilities in Shanghai, China, Belfast, Northern Ireland and San Jose in the US.

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