Broadcom to cut as many as 1,150 jobs in restructuring

Chipset maker Broadcom said it had initiated a global restructuring plan to cut expenses and "better align its resources to areas of strategic focus." As a result, the company said it will cut up to 1,150 employees (some of whom originated from its recent acquisition of LTE assets from  affiliates of Renesas Electronics). Broadcom made the announcement as it posted its third-quarter results. Broadcom said its net income rose 44 percent to $316 million, up from $220 million a year earlier while sales rose slightly to $2.15 billion. However, the company's shares fell as much as 8.6 percent in late trading after it said  fourth-quarter sales will be about $1.98 billion, plus or minus 3 percentage points, which indicates revenue of $1.92 billion to $2.03 billion, while analysts on average had predicted $2.13 billion, according to data compiled by Bloomberg. Analysts are also worried, Reuters noted, about Broadcom's slow pace of putting LTE into its chipsets, something it hopes to remedy through the September Renesas deal, which closed earlier this month. Article