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TI profits sink 95 per cent in 2008
3,400 join out-of-workforce
Texas Instruments has added to the crowd of tech workers clogging their local unemployment offices, announcing that 3,400 of its employees would soon become part of the growing US out-of-workforce.
Today, with a statement that should have been published in The Daily Euphemism, the suffering company's chairman, president, and CEO Rich Templeton said "We are realigning our expenses with a global economy that continues to weaken."
The company's fourth-quarter operating profits sunk by 95 per cent, from $996m in 2007 to $51m in 2008.
Still, that $51m isn't a red number - and any profit these days is a blessing. Compare TI's position, for example, to that of AMD, which last week announced a $3.1bn loss in 2008.
TI's tiny profit, however, will be cold comfort to the 12 per cent of its workforce now eyeing the exit door. 1,800 will be shed through layoffs, 1,600 through "voluntary retirements and departures." ®