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Cirrus to Cut 120 Jobs in Shift of Product Focus

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Reuters

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.

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

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