Development News Edition
Give Feedback

Broadcom gives up 1,100 employees to cut costs after merger with Brocade

Broadcom Inc said it had laid off about 1,100 employees across its businesses to cut costs after its merger with Brocade Communications Systems.


Reuters Last Updated at 15-06-2018 03:17:24 IST United States
Broadcom gives up 1,100 employees to cut costs after merger with Brocade
  • Broadcom said it had incurred $143 million in restructuring charges. (Image Credit: Reuters)

Broadcom Inc said it had laid off about 1,100 employees across its businesses to cut costs after its merger with Brocade Communications Systems.

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, primarly employee termination costs, during the first two quarters of its fiscal 2018.

The company is expected to pay majority of its employee termination costs in the third quarter.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


add banner

LEAVE COMMENT

Download our Android App on Google Play