Texas Instruments reports a big profit drop, will cut 3,400

[UpInArms]

Source: CBS Marketwatch

SAN FRANCISCO (MarketWatch) - Texas Instruments Inc. (TXN: 14.77, -0.22, -1.5%) on Monday reported a fourth-quarter net income of $107 million, or 8 cents a share, compared with a net income of $756 million, or 54 cents a share, for the year-earlier period. Revenue was $2.49 billion, down from $3.56 billion last year. The results included restructuring charges of 13 cents a share. Analysts had expected the Dallas-based chip maker to report earnings of 12 cents a share, on revenue of $2.37 billion, according to a consensus survey by Thomson Reuters. The chip maker also announced a plan to cut 3,400 jobs, or 12% of its workforce.

Read more: http://www.marketwatch.com/news/story/texas-instruments-cut-3400-jobs/story.aspx?guid=%7BFA8AA23B%2D0A11%2D4F32%2D9C54%2D19D8340582D8%7D&siteid=bnbh

[pleah]

1. Damn. I still have a

calculator that I bought in 1985 for $2.79. It is a solar calculator and just keeps working.

[rainbow4321]

2. Surprised their layoffs actually made the news

My ex worked for them in the late 80's/early 90's and that was the only reason we would hear about their layoffs..you'd hear about all the other local companies laying off but TI always did their's under the radar. Usually, a worker would find out when security showed up at their cubicle and they were escorted immediately OUT of the building...their cubicle stuff would be mailed to them later.


They had pretty good severence packages at the time for people who took "early retirements"...a week's (full) pay for every year the person was employed. And these were people who had been there 30+ years and were still only like in their 50's so some could get the severence pay and still take on a new job if they wanted. People started at TI and stayed forever, their employee newspaper would have employment anniversaries listed--it was not uncommon to see 30, 40, 50 year anniversaries.