Diodes Cuts Staff, Foresees Revenue Drop

Dallas-based Diodes, a manufacturer of discrete semiconductors, said Monday that the firm will be cutting its headcount by 17 percent, as it foresees a deterioration in its business and demand. According to the firm, the new cuts are on top of a 7 percent headcount reduction it made in the fourth quarter, and comes in addition to shutdowns of a fab in the UK, 30 percent cuts at its fab in Kansas City, along with mandatory time-off last quarter. The firm said it would also freeze compensation and hiring, force more mandatory time off for employees, and more to reduce costs and conserve cash at the company. Diodes said it is now expecting its first quarter revenue will decrease by approximately 20 percent from last quarter.