Broadcom says it's laid off 1,110 workers since Brocade merger

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  1. sniper-academy

    sniper-academy Administrator Staff Member

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    Broadcom Inc. said Thursday it has laid off about 1,100 workers as part of cost-cutting following its $5.5 billion acquisition of Brocade Communication Systems, and more cuts may come. In a filing with the Securities and Exchange Commission, Broadcom said it incurred about $143 million in restructuring charges, mostly from employee termination costs, in the first two quarters of 2018. The company said it is "further evaluating our resources and business needs and may eliminate additional positions." The Brocade purchase closed late last year. Earlier this year, Broadcom's effort to buy Qualcomm Inc. was blocked by the Trump administration shortly before Broadcom moved its headquarters back to the U.S. from Singapore. Last week, Broadcom posted better-than-expected second-quarter earnings results.

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