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Texas Instruments axing 1,700 jobs to save money, economy still not bright

Texas Instruments shedding 1,700 jobs in cost-saving effort. This makes up 5% of total workforce

| Business, Financial & Legal News | Posted: Nov 15, 2012 2:02 am

Texas Instruments, a company that makes wonderful calculators and a variety of other silicon chips, is axing 1,700 jobs in a move to save money as it moves away from mobile chips, a market now dominated by Qualcomm and Samsung. This layoff will cost TI roughly $325 million for the current quarter.

 

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1,700 jobs is nothing to scoff at. This layoff will see Texas Instruments losing five percent of it's total workforce around the globe. However, it could be worth it as they are expecting to see a savings of $450 million by the end of 2013. It's OMAP program will no longer be invested in, and TI is looking to see it possibly to another company.

 

Amazon is seen as a possible purchaser of the mobile processor business. TI's shares fell by two percent during trading only to rise to $29 after-hours. Who knows, maybe Apple would be interested in acquiring the company, especially since they are looking to design more and more processors in-house.

NEWS SOURCES:Electronista.com

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