Texas Instruments to lay off 1,100 people

[Redfairen]

Source: Electronics Weekly

TI had Q4 revenue of $3.03 billion and net income of $511 million. Gross margin was 54.2%.

The company is to cut 1,100 jobs for which it will take a charge of $80 million, $49million of which was taken in the Q4 accounts and $30 million of which will be accounted for in the current quarter.

TI expects revenue of $2.83 billion to $3.07 billion in Q1.

“Our business model continues to generate strong cash flow from operations,” says CEO Rich Templeton, “free cash flow for the full year of 2013 was $3 billion, or 24% of revenue, consistent with our target of 20-25%. We returned $4 billion, or 136% of free cash flow, to shareholders in 2013 through dividends and stock repurchases. Our strategy to return to shareholders all free cash flow not needed for debt repayment reflects our confidence in the long-term sustainability of our business model.”



Read more: http://www.electronicsweekly.com/news/business/ti-to-lay-off-1100-people-2014-01/

[itsrobert]

1. that's too bad

Where are they located again?

[Orrex]

2. In 1988, if memory serves.

[Marrah_G]

8. They have a bunch of different complexes in the US

I think they have been slowly shrinking.

[davidthegnome]

3. Seem to be a lot of lay offs lately.

Yet these companies are earning bizarre profits. So it's not that they can't afford it... hell, workers are already earning far too little. Eleven hundred jobs lost just to boost profits that are already tremendous? What the fuck is wrong with people? Their shareholders should be outraged by this. The whole damn Country should be outraged.

[greyl]

4. It's a calculated move. nt

[jsr]

6. “Our business model continues to generate strong cash flow"

We need to make the cash hoard bigger.

[Paladin]

7. Think that guy used the phrase "cash flow" enough? (nt)