Posted By: Technology Staff Editor In: Information Technology written by Dylan McGrath, courtesy of EE Times
SAN FRANCISCO — Programmable logic vendor Altera Corp. plans to layoff 87 workers, reducing its total workforce by a little more than 3 percent, the company said Tuesday (Aug. 4) in a regulatory filing.
Altera (San Jose, Calif.) said in a document filed with the U.S. Securities and Exchange Commission that the layoff is part of a plan to restructure operations in an attempt to lower its overall cost structure. The company said it expects to save about $9 million per year.
Nearly all of the layoffs will occur in the third quarter, Altera said. The company said it expects to incur charges of approximately $4 million to $5 million in the third quarter as a result of employee severance costs.
Altera last month reported second quarter results that met Wall Street's expectations, but provided a third quarter outlook that many considered disappointing. The company said it expects third quarter sales to fall 1 to 5 percent from the second quarter's $279.2 million.
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