MKS Instruments Inc. in Andover said today it cut 600 jobs during the first quarter and reduced its first-quarter outlook, saying the difficult economy continues to hurt customer demand.
MKS said the job cuts represent about 23 percent of its global work force. It said it expects to take a first-quarter charge between $6.3 million and $7 million due to the cuts, but said they will save about $40 million annually.
The company also said it now expects to post an adjusted first-quarter loss between 38 cents and 41 cents per share. It expects between $74 million and $76 million in revenue. Previously, the company had guided for a loss between 25 cents and 40 cents per share, excluding charges, on sales between $75 million and $95 million.
Analysts surveyed by Thomson Reuters expect a loss of 33 cents per share on $82.4 million in revenue.
MKS said it will release its first-quarter results and hold a conference call for investors on April 22. (AP)