Xilinx sees hard times ahead, cuts jobs
The company did not give any indication of particular functions or geographical areas it might target for the lay-offs.
Xilinx said in its financial results for the third fiscal quarter that it would cut global staffing by lay-offs and slower hiring to replace attrition. It is also taking other measures to reduce operating expenses and aims to achieve savings of $17 million to $20 million in the fourth quarter.
Nonetheless Xilinx made a net income of $162 million on net revenue of $723 million in the third fiscal quarter. The concerns appear to derive from the fact that sales were down 13 percent from the prior quarter and down 10 percent year-over-year with some persistent “headwinds” seen in the wired and wireless sectors.
“These are difficult actions, but we believe the decisive steps we are taking to reset our operating expenses will allow us to drive our growth strategy and technology roadmap while enabling a more appropriate level of operating profitability. We remain extremely focused on our mission and long-term growth opportunities as the leader in adaptable platforms from the cloud to edge to endpoints,” said CEO Victor Peng in a statement.
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