Altera axing 87 jobs

altera-logoThe management at Altera, the San Jose maker of programmable chips, “committed” today to cutting 87 jobs from its 2,700 person workforce, or about 3 percent of its staff. The cuts, expected to be mostly completed this quarter, are a result of Altera’s efforts “to lower its cost structure.” It will be the second round of job cuts this year following the company’s decision to reduce its staff by 33 persons, or 1.2 percent.

Severance-related charges are expected to be about $4.5 million, while annual cost savings from the move are expected to be about $9 million, according to Altera’s filing with the SEC.

Last month Altera’s stock price got a boost after the company reported a pro-forma profit of 20 cents a share, beating the average analyst estimate in a Bloomberg survey by 24 percent.
The company generated $90.8 million in cash from operations last quarter, down from $226.8 million in the year-before quarter. It ended its second quarter with $1.27 billion in cash, up five percent year-over-year.

 

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