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Texas Instruments slashes 12% of workforce

3400 jobs to go

27 January 2009 11:07 GMT / By Amy-Mae Elliott

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Despite announcing better than expected results for the current quarter, Texas Instruments is to slash 12% of its workforce.

With a fall in demand for the chips it produces, a financial exec for the company told Reuters: "We're preparing for what could be an extended down period in the economy".

The chip-maker says that with virtually all its customers cutting orders, it had no idea of when things might recover.

Revenue fell to $2.49 billion from $3.56 billion, with net profit at $107 million, down from $756 million the same time last year.

Texas Instruments said the 12% job cuts will include 1800 layoffs and 1600 "voluntary departures".

Biz, Texas Instruments