Silicon Storage Technology lowered its revenue projection for its fourth quarter and said it would cut 120 jobs, about 17 percent of its work force.

The company cited weak demand and the global economic slowdown as reasons why it now projects revenue to be in the range of $56 to $58 million, versus previous estimates of between $63 to $68 million.

The company said it now expects a net loss of between 11 cents and 13 cents a share, versus previous guidance of between 7 cents and 12 cents a share.

The company said it expects the job cuts will be completed by year's end. As a result, it expects a restructuring charge of about $2.8 million and a payroll expense reduction of about $13 million in 2009.

By: DocMemory
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