Broadcom lays off 1,100 employees after Brocade merger
The chipmaker completed its $5.5 billion acquisition of network gear maker in November
A sign to the campus offices of chip maker Broadcom , is shown in Irvine, California, US, November 6, 2017. PHOTO: REUTERS
Broadcom said it had laid off about 1,100 employees across its businesses to cut costs after its merger with Brocade Communications Systems.
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The chipmaker completed its $5.5 billion acquisition of network gear maker Brocade in November.
Broadcom is further evaluating its resources and may terminate additional positions, it said in a regulatory filing.
Broadcom said it had incurred $143 million in restructuring charges, primarily employee termination costs, during the first two quarters of its fiscal 2018.
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The company is expected to pay a majority of its employee termination costs in the third quarter.
US reaches deal to keep China’s ZTE in business
The chipmaker completed its $5.5 billion acquisition of network gear maker Brocade in November.
Broadcom is further evaluating its resources and may terminate additional positions, it said in a regulatory filing.
Broadcom said it had incurred $143 million in restructuring charges, primarily employee termination costs, during the first two quarters of its fiscal 2018.
Qualcomm to depose Apple services chief Eddy Cue
The company is expected to pay a majority of its employee termination costs in the third quarter.