SUNNYVALE, Calif. -- SST (Silicon Storage Technology, Inc.) (NASDAQ: SSTI), a leader in flash memory technology, today announced that, as a result of weakening demand caused by the rapid slowdown in the global economy over the past several weeks, the company now expects revenue for the fourth quarter of 2008, based on information currently available, to be in the range of $56 to $58 million, versus previous estimates of between $63 to $68 million.
SST also announced that it is implementing a global reorganization to reflect changes in anticipated levels of business. This action is being taken to further reduce costs of operations, to streamline the organization going forward, and to improve focus on expediting selective new products to the marketplace. SST will reduce its headcount by approximately 120, or 17 percent of its global workforce and expects most of the reduction to be completed by year-end.
Silicon Storage Technology Inc. (SST)