Irvine-based chipmaker Broadcom Corp. announced a restructuring plan that will cut as many as 1,150 jobs, about 9% of its global workforce.
The cuts will be “across the board,” according to a company spokesperson who declined to comment further.
The company will lay off 84 people in Irvine and more than 175 in California overall, according to a filing with the state. Broadcom currently employs about 2,500 in Orange County.
The company, in a released statement, singled out some other potential employee cuts stemming from its recent deal to acquire certain assets of Tokyo-based Renesas Electronics Corp. for $164 million.
Broadcom projected sales in the December quarter will be between $1.91 billion and $2.03 billion. Analysts on average forecast sales of $2.13 billion.
The soured outlook comes a week after key customer Apple Inc. reportedly asked suppliers to cut back production on its iPhone 5c, which is targeted for the China market. Cupertino-based Apple was Broadcom’s second-largest customer last year, accounting for 14.6% of Broadcom’s record $8.01 billion in sales.
Shares sank on the job cuts news but modestly bounced back.
―Chris Casacchia
