Despite claims that the mobile revolution is where everything is at, Broadcom has just fired a thousand workers as it struggles with slow demand for its mobile phone chips.
Broadcom, unveiled dismal quarterly forecasts over the past week. Broadcom’s stock dropped about eight percent.
What appears to have happened is that while the world economy remains soft, buyers see little reason to put in new orders to build up inventories of chips for use in cars, industrial equipment, laptops and smartphones.
Broadcom said that during the third quarter it started a restructuring plan to reduce expenses, including cutting its workforce by up to 1,150 employees. Broadcom employs around 12,050 people so the cuts are nearly a decimation which was what Roman Legions did to their staff when they got a bit uppity.