Semtech Cuts Employees On Smartphone Weakness

Camarillo-based analog and mixed signal semiconductor developer Semtech said late Wednesday that it has cut its employee base by eight percent, as it looks to adjust to a decline in its revenues due to weak, Korean smartphone demand. Semtech said that the cuts mostly come from sales, general, and administrative expenses. Semtech said the cuts will save the company approximlately $20.0M in annual operating expenses. The company is taking a $3.5M charge as part of the cuts. Semtech did not give an exact headcount of jobs lost in the cuts, which will come across all of the company's locations.