: Emcore to lay off more than 20% of its workforce, shutdown its broadband business


Shares of Emcore Corp. EMKR rose 2.0% in premarket trading Friday, after the provider of inertial navigation products for the aerospace and defense industries said it cut about 100 jobs as part of a restructuring that includes the shutdown of its broadband business. The job cuts represent about 21% of its workforce, as of Sept. 30. The company said the cuts will be primarily in Alhambra, Calif., where the company is based, and in China. “This restructuring represents the final phase of Emcore’s transition to Aerospace and Defense,” said Chief Executive Officer Jeff Rittichier. “After months of discussions with several…

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