Friday, January 30, 2009
Broadcom To Lay Off 200
Irvine-based Broadcom will lay off 200 workers, or about 3 percent of the firm's employees, the firm said yesterday on its earnings call. According to Broadcom, the company is looking to manage its costs and focus on operating cash flow, and is implementing cost saving measures including delaying salary increases, a reduction in workforce, and a variety of other "belt-tightening" actions. The move came after the firm reported net revenues of $1.127 billion for the third quarter of 2008. The results for the year were actually up 23.3%, to $4.658 billion, however the firm said that the it expects a slowdown in the economy will negatively impact the firm's business in the first quarter of 2009.