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AST projects 300 more layoffs

AST Research plans to lay off 300 employees after losses came in higher than expected.

AST Research plans to lay off about 300 employees, close some offices, and absorb a restructuring charge of up to $15 million after declaring a loss for its first quarter, Reuters reported today.

The company lost $115.8 million, or $2.59 per share. That compares to a loss of $6.5 million, or $0.20 per share, for the same period a year ago. Revenues were $530 million, down from $670.2 million last year.

CEO Ian Diery blamed the unexpected figures on reduced demand for PCs and unspecified product development issues. This is the seventh quarter in a row that AST has been in the red.

To address the problems, the company will shrink its headquarters and consolidate operations over the next few months. Added to other staff reductions already announced, the 300 new layoffs bring the number of cutbacks to about 1,000 employees worldwide.