NeoPhotonics Corporation

NYSE:NPTN   3:59:58 PM EDT
-0.20 (-2.85%)
4:00:00 PM EDT: $6.84 +0.03 (+0.44%)
Layoffs, Other Pre-Announcement

Neophotonics Announces Initiatives To Align Cost Structure And Provides Preliminary Third Quarter Financial Results

Published: 10/05/2020 11:16 GMT
NeoPhotonics Corp (NPTN) - Neophotonics Announces Initiatives to Align Cost Structure and Provides Preliminary Third Quarter Financial Results.
Neophotonics Corp - to Implement About 4% Reduction in Force.
Neophotonics- Taken Steps to Tighten Production Operations, Account for Huawei-specific Assets and Inventory, Consolidate Indium Phosphide Production.
Neophotonics Corp - Costs to Implement Changes Are Expected to Be About $12.1 Million.
Neophotonics Corp - Expects to Incur About $10.7 Million of Costs in Q3.
Neophotonics - Expects to Lower Revenue Breakeven Level and Expects to Return to Non-GAAP Profitability in Q3'21 and GAAP Profitability in Q4'21.
Neophotonics Corp - Sees Q3 Revenue $101 Million to $103 Million.
Neophotonics Corp - Sees Q3 Loss per Share $0.14 to $0.10.
Neophotonics Corp - Sees Q3 Non-GAAP EPS $0.10 to $0.14.
Neophotonics Corp - Actions Taken Are Expected to Achieve About $2 Million in Quarterly Operating Expense Reductions When Fully Implemented by Q2 of 2021.