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Wednesday, Nov 14
2012, 5:25 PM
Texas Instruments (TXN) +0.9% AH after stating it will cut 1,700 jobs (5% of its workforce) as...
Texas Instruments (TXN) +0.9% AH after stating it will cut 1,700 jobs (5% of its workforce) as it focuses OMAP processor and wireless connectivity chip development on "embedded applications with long life cycles." It expects to reap cost savings of $450M/year and record $325M in charges. TI has already telegraphed its plans to retreat from mobile app processors, leaving Qualcomm, Nvidia, and Intel as the main independent suppliers. TI's connectivity about-face is a positive for mobile combo chip leader Broadcom (BRCM).