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TI to cut jobs 12% as profit sinks 86%
(01/26/2009 5:24 PM EST)
Texas Instruments Inc. said it will lay off 12 percent of
its workforce, or approximately 3,400 employees, as it restructures operations following one of the worst sequential and year-over-year quarterly performances in the history of the analog and digital signal processor company.
Dallas, Texas-based TI also warned that it does not expect
sales will improve significantly anytime soon due to continuing weakness in the general economy, which helped drive down fourth quarter revenue 30 percent from the immediately preceding quarter and 26 percent from the comparable quarter of 2007.
What does this mean for us? Not much considering that hubby is now at a new company. However, if he'd been one of the "lucky few" who had managed to keep his job or been just moved within the company last year there would have been a very distinct possibility of him losing that same job this year instead. Losing a job NOW, when many many many businesses are going under or at least reporting less than stellar earnings...even WalMart...would have been a disaster for us.