GigaMedia Ltd (NASDAQ: GIGM) reported Q2 EPS of ($0.07), versus ($0.12) reported last year. Revenue for the quarter came in at $7.13 million, versus $8.79 million reported last year.

Management is reviewing and adjusting business models and implementing new strategies to build efficiencies, improve productivity and drive improved performance. This includes reducing system and administrative and organizational complexities and reducing personnel to support productivity.

Management implemented workforce reductions in the second quarter and is continuing to simplify operations to capture cost savings.

The company expects initiatives implemented in the first half of 2012 to drive productivity and cost savings in its business beginning in the second half of 2012; this will allow increased research and development to support strategic growth plans.

Management plans to launch a new Web-based action game in the second half of 2012 in Taiwan and to conduct beta testing of its new cloud computing services in the second half of 2012, with launch expected in early 2013.

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Earnings Guidance