Major US electronics corporation Texas Instruments Inc. (TI) has announced plans to slash its global workforce by 1,700 people as a ‘cost-cutting’ measure.
The move, announced Wednesday by the Dallas-based chipmaker, is part of the TI’s plan to discontinue its mobile business, according to the company’s spokeswoman, Whitney Jodry.
The job cuts, which include 500 in the Dallas area and about 10,000 workers in the state of Texas, would amount to about five percent of the TI’s roughly 35,000 employees across the globe.
TI’s Chief Financial Officer Kevin March announced in October that the company’s wireless business had operated at a loss for three consecutive quarters, “and we don’t like our business to operate at a loss.”
The wireless business entity posted an operating loss on a 44-percent plunge in revenue in the third quarter, principally due to the phasing out of wireless baseband products by the year’s end.
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