(RTTNews) – NeoPhotonics Corp. (NPTN), a manufacturer of optoelectronic solutions, on Thursday announced certain restructuring actions, including job cuts. The move is part of its continuing actions to improve profitability and cash flow. Citing the restructuring charges and weak demand in China, the company trimmed its forecast for third quarter.
In pre-market activity, NeoPhotonics shares were losing around 3 percent to $5.68.
The actions include a reduction in force, real estate consolidation, a write down of inventory for certain programs and assets and a write-down of idle assets.
The costs to implement these actions are expected to be approximately $4.8 million, with $4.2 million in asset-write off costs and $0.6…
Read the full article at: http://markets.businessinsider.com/news/stocks/NeoPhotonics-Plans-Restructuring-Incl-Job-Cuts-Cuts-Q3-Outlook-1003068558