Bookham announces fourth profit warning this year

Bookham Technology issued its fourth profit warning in six months yesterday, lowering its outlook for this quarter and announced it is culling 12 per cent of its workforce.
Second quarter predictions could fall as much as 55 per cent on the first quarter rather than the 25 to 30 per cent forecast by the Oxfordshire-based company. Bookham posted a UK net loss of £11.7m for the first quarter ending 1 April.
The fibre-optics manufacturer is also shedding 100 jobs at its Swindon factory only three months after releasing 150 staff.
Georgio Anania, CEO at Bookham, admitted the outlook over the next few quarters is still bleak but said the company will continue investing in R&D because he believes the long-term outlook for the company remains strong.
Bookham now has a market value of £299m with £5bn having been wiped from its books over the last year. Yesterday its shares slid 17 per cent to 231.5p following the statement.