News Article
IQE Cuts 60 Staff
Epitaxial wafer foundry IQE is to cut a further 60 jobs from its staffing. The majority of the redundancies will be at IQE (Europe). The company reports that sales revenues for Q4 2002 are likely to be approximately 5% below the GBP5.6mn reported in the previous quarter.
Epitaxial wafer foundry IQE is to cut a further 60 jobs from its staffing. The majority of the redundancies will be at IQE (Europe). The company reports that sales revenues for Q4 2002 are likely to be approximately 5% below the GBP5.6mn reported in the previous quarter.
The company blames adverse movements in exchange rates, with the majority of its sales in dollars. In addition, IQE (Europe) has been particularly badly hit as the fibreoptic components market continues to decline. Also, R&D budgets have come under even more severe pressure.
Demand has improved for wireless related products at IQEs US subsidiary. IQEs Silicon Compounds and Wafer Technology divisions have improved expectations for future business. Diversification away from fibre communications means that overall wafer volumes are expected to improve throughout 2003 while revenues will remain relatively flat from a weak dollar exchange rate and strong price reductions.