SiRF Technology lowers Q1 revenue guidance, downsizes by 7%
Provider of GPS-enabled silicon and software location platforms SiRF Technology Holdings, Inc. (Nasdaq:SIRF) lowered its first-quarter revenue guidance this morning due to greater than anticipated softness in product demand from customers in its Personal Navigation Devices market. The company also said it is shaving its workforce by 7% due to expectations for continued weakness in consumer demand. Shares crumbled 25.3%, or $1.74, to $5.15 in pre-market trading.
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