— Xilinx Inc. (NASDAQ: XLNX) reported third quarter 2020 adjusted earnings of $0.68 per share versus $0.59 per share expected.
— Revenue decreased by 10% to $723 million versus $730.6 million expected.
— Xilinx expects to reduce its global workforce by approximately 7% through a targeted reduction in force and meaningfully slower hiring to replace attrition.
— Q4 revenues are expected to be in the range of $750 million to $780 million.
— Revenue in the fourth quarter is expected to grow on a sequential basis.
— The company expects greater than expected weakness in the wired and wireless business in Q4 due to a slowdown in both 5G and wired infrastructure deployments, in addition to ongoing global trade headwinds.
— Xilinix stock was down about 8% immediately after the earnings announcement.