* Sees Q2 sales $35-$37 mln vs est $50 mln
* Q1 loss/shr $0.07, in line
* Cuts 10 pct jobs
* Cites order loss from top customer RIM
* Shares fall 15 pct (Adds conference call details, analyst comments; updates share movement)
By Swati Chitnis
May 3 (Reuters) - Anadigics Inc forecast a challenging year ahead and cut 10 percent jobs as its largest customer Research In Motion shifted orders to the chipset maker’s rivals, sending its shares down 10 percent to an eight-month low.
Anadigics’s second-quarter revenue from the Blackberry maker will fall $10 million sequentially to $6-$7 million, it said.
“We will experience further reductions in revenue from (RIM) through the remainder of this year as several of their products approach end of life,” Chief Executive Ronald Michels said on a call with analysts.
Skyworks Solutions Inc and RF Micro Devices Inc have eaten into Anadigic’s market share with products targeting RIM and Qualcomm , Morgan Keegan analyst Harsh Kumar told Reuters.
Last week, RF Micro said it was ramping up production and sees the business with RIM growing sequentially while Skyworks forecast third-quarter above market estimates on rising demand for smartphones and tablets. [ID:nL3E7FS5VQ]
Anadigics said it could not get its power amplifiers ready in time for RIM’s new chipset vendors, leading to the loss.
The company expects the revenue loss from RIM, which contributed 38 percent to its sales in the first quarter, to reduce second-quarter sales by 15-19 percent to $35-$37 million.
Sales at its wireless segment, which contributed about two-thirds of Anadigics’ total sales in 2010, will fall 25-30 percent sequentially.
The company, which had 590 employees, made the job cuts about 10 days ago, analyst Kumar said.
Anadigics said it was further streamlining operations to adjust for the lower revenue base.
The company, whose other clients are Samsung Electronics and ZTE Corp , forecast second-quarter broadband sales to increase 35 percent sequentially, but said it could not make up for the decline in wireless sales.
Anadigics, which has a market value of about $248 million, expects a second-quarter adjusted loss of 16-17 cents per share. [ID:nASA021L0]
The Warren, New Jersey-based company’s shares, which have lost about half of their value in the last three months, touched an eight-month low of $3.13 on Tuesday.
They were trading down 10 percent at $3.32. About five million shares changed hands by 0155 ET, four times its 10-day average on Nasdaq. (Reporting by Swetha Gopinath and Swati Chitnis in Bangalore; Editing by Don Sebastian) (firstname.lastname@example.org; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 580; Reuters Messaging: email@example.com)