RFMD’s profits fall; company to cut 350 jobs

GREENSBORO, N.C. — RF Micro (Nasdaq: RFMD) plans to cut 350 positions from its near-5,000 employee workforce as part of a cost-cutting plan.

The company, which manufacturers equipment for use in wireless devices, recently said it would move another 80 research and development jobs to China from the Triad.

The layoffs are expected to save RFMD some $75 million in expenses.

"These strategic actions will enable RFMD to deliver more predictable financial results and substantially higher profitability,” said Bob Bruggeworth, RFMD’s chief executive officer, in a statement.

The company did not specify where the layoffs would take place. It employs some 1,900 people in the Triad.

The layoffs were announced as part of RFMD’s quarterly earnings report. For the quarter ending March 31, RFMD reported a profit of $2.9 million, or 1 cent per share, on revenues of $221.9 million. Revenues declined 14 percent and profits fell sharply from $29.2 million or 13 cents per share.

RFMD shares closed Tuesday at $3.45, up 5 percent.