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National Semiconductor cuts quarter of workforce
SILICON VALLEY CHIP SHOP National Semiconductor is dumping 25 per cent of its workforce in the face of slumping sales and plunging profits according to the San Francisco Chronicle.
The company plans to hand pink slips to 1,725 souls because of weakening demand for its chips which are used in phone handsets and in-car entertainment systems.
500 workers will clock out of factories for the last time in Texas and China straight away, whilst the remainder, including 330 workers at the company's Santa Clara HQ, will leave their desks permanently in the coming months.
A spokeswoman told the newspaper that those employees will receive separation pay, severance and health benefits for up to a year, depending on their length of service with the company.
National Semiconductor filed sales figures of $273 billion in 2007. µ
L'Inq
SF Gate
Will the last one out please turn the lights off?
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National Semiconductor announced the cost-cutting moves Wednesday as it reported its fiscal third-quarter profit plunged 71% to $21.1 million, or nine cents a share, from $72.9 million, or 29 cents a share, a year earlier. Sales fell 36% to $292.4 million
$273 Billon sounds like the figure for the whole industry, not just National Semi..
If thats a quarter of their workforce then they only had 7000 employees. $273 billion over 7000 employees is $39 million per employee.
If the numbers are correct then these guys deserve to go bankrupt. $39 million for every engineer, secretary, and janitor. That's insane...
It sounds like they're eating up their seed corn. When the current products get old and obsolete are they going to have the development staff to create the next round?
R u serious? $273 billion in 2007