PMC-Sierra, a chip design firm which employs about 40 people in the Republic, will cut 13 per cent of its global workforce due to falling demand and the cancellation of orders. The company, which recently announced it was planning to expand its Irish operations, said yesterday it would make 230 people redundant to reduce costs.
News of the job cuts came as the firm warned that first-quarter revenues would be lower than expected due to the economic slowdown.
PMC-Sierra said it now expects revenue between $118 million (€132 million) and $120 million in the three months ended March 31st.
Analysts had been expecting the company to report revenue of nearly $160 million, according to research firm First Call/Thomson Financial.
A spokeswoman for PMC-Sierra said last night "no specifics" had been decided on what it meant for employees in the company's different geographical locations.
