Texas Instruments confirms it is moving away from phones, will slash 1,700 jobs

Texas Instruments confirms it is moving away from phones, will slash 1,700 jobs
Texas Instruments, or TI, has finally officially confirmed that it is moving focus away from its OMAP mobile chips business and will instead focus on “embedded markets.” We have seen the first hints a couple of months ago, but this time TI is taking some definitive measures cutting some 1,700 jobs, all related to OMAP.

While TI OMAP chips are still found in some of the most popular on the market like the Amazon Kindle Fire, the Motorola Droid and last year's Samsung Galaxy Nexus, most recently competition has gotten really aggressive with Qualcomm and Samsung now powering most modern devices. Nvidia is also expected to catch up next year. All of that forced TI out of the business.

Slashing 1,700 jobs means a 5% reduction in workforce, but also savings of $450 million per year. The change will initially be tough and TI will immediately take a $325 writedown this quarter.

source: Texas Instruments via AllThingsD

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