POET Technologies (TSE:PTK) has released an update.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
POET Technologies Inc. is optimizing its global engineering operations, centering its activities in Singapore to better cater to the artificial intelligence and hyperscale data center markets. The company anticipates annual savings of up to $2 million with the closure of its Allentown, PA facility by March 2025, intending to bolster product development and customer acquisition. POET Technologies, a pioneer in high-speed optical modules and engines, expects this strategic move to accelerate growth and drive revenue in the coming years.
For further insights into TSE:PTK stock, check out TipRanks’ Stock Analysis page.