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Broadcom has laid off 1,100 workers

by on15 June 2018


More likely to follow

Broadcom has laid off about 1,100 workers as part of cost cutting following its $5.5 billion acquisition of Brocade, and more cuts are expected to come.

In a filing with the Securities and Exchange Commission, Broadcom said it incurred about $143 million in restructuring charges, mostly from employee termination costs, in the first two quarters of 2018.

The company said it is "further evaluating our resources and business needs and may eliminate additional positions".

The Brocade purchase closed late last year. Earlier this year, Broadcom's effort to buy Qualcomm was blocked by the Trump administration shortly before Broadcom moved its headquarters back to the US from Singapore. At the time we expected to see Qualcomm staff suffer a similar restructuring exercise and felt that the chip maker had dodged a bullet when the deal failed to go through.

Last week, Broadcom posted better than expected second quarter earnings results so at least its shareholders will be happy.

 

Last modified on 15 June 2018
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