Emcore Corp rises on job cuts, segment shutdown

EMCORE

21/04/2023 15:02

** Shares of U.S.-based mixed-signal product provider Emcore
Corp  EMKR.O  up 4% at $1.05
    ** Co shuts down its broadband business segment and
discontinues its defense optoelectronics product line
    ** As part of this restructuring, co to cut about 75
positions in the U.S. and 25 in China, accounting for 22% of its
workforce
    ** Adds restructuring will result in annualized cost savings
of about $12 mln 
    ** Expects to recognize related charges of $2.1 mln
substantially in qtr ending June 30
    ** EMKR shares up 7.01% YTD

 (Reporting by Saikeerthi in Bengaluru)
 ((Saikeerthi@thomsonreuters.com;))