Broadcom Corporation (BRCM) Is Cutting 1,150 Jobs
Broadcom Corporation (NASDAQ:BRCM) is a semiconductor company for wired and wireless communications that is cutting 1,150 jobs as part of a restructuring. The job cuts are around one-tenth of their total workforce.
Broadcom announced the cuts on Tuesday as they reported third-quarter revenues was flat compared to last year’s third quarter at $2.15 billion.
This is up 0.8% from $2.13 billion a year ago. Broadcom posted net income of $316 million compared to a loss of $251 million in last year’s third quarter. The restructuring was approved on September 25th. Another aspect of the restructuring is lease terminations.
The layoffs includes 350 employees that Broadcom gained through the acquisition of LTE chip technology from Renesas Electronics. Around 425 Broadcom workers will be cut because their jobs became redundant after Renesas was acquired. The layoffs also includes up to 375 employees to be cut from Broadcom’s regions and business functions, according to the U.S. SEC.
Last month, Broadcom announced that they were acquiring around $162 million of LTE assets from Renesas that would start shipping next year.