By Rick Merrit, EETimes
July 24, 2014
Broadcom will lay off about 2,500 employees as part of a decision on June 2 to exit the cellular baseband business for which it could not find a buyer.
The news came in a call with financial analysts in which the company essentially reported neither profits nor revenue growth for its latest quarter.
Broadcom will take a $417 million charge, about $150 million of it this quarter, for the restructuring which will include closing or consolidating 18 offices. "The decision to exit the cellular baseband business puts Broadcom on a path to being a stronger company," said Broadcom's chief executive Scott McGregor.
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