Cirrus to Cut 120 Jobs in Shift of Product Focus

Semiconductor firm Cirrus Logic Inc. said it will lay off 120 employees, or about 9% of its work force, as part of its shift to focus solely on consumer-entertainment electronics.

As a result of the layoffs, Austin, Texas-based Cirrus expects to save $10 million to $12 million annually, aided further by cuts in expenses.

Cirrus also will take a charge of $1.5 million to $2 million related to the job cuts. Cirrus said the moves will affect the quarters ending in June and September. All affected employees will be informed by today, the company said.

Shares of Cirrus rose 23 cents to close at $22.21 on Nasdaq.