11/26/2002 - Broadcom, the leading provider of integrated circuits enabling broadband communications, said that its previously announced cost reduction program is on track, and that as part of the program slightly more than 500 positions are being cut from the company's worldwide workforce.
"In October we announced that, in our commitment to return Broadcom to profitability, we would take aggressive steps to reduce our operating expenses -- and one of those steps would be workforce reductions," said Dr. Henry T. Nicholas III, Broadcom's President and CEO. "Our diversification model has provided us with a variety of complementary technologies, a factor that has allowed us to consolidate lines of business and reduce headcount while maintaining program areas. In some of our softer markets, we have modified product roadmaps and timelines in a manner that will allow us to reduce current investment but maintain our competitiveness for a time when these markets improve."
Nicholas added, "Broadcom has not eliminated any of its product lines as a result of workforce or cost reductions. In fact, we are preserving and enhancing investments that support product roadmaps in all of our high growth markets."
Last month, the company announced a program to reduce overall operating expenses, through workforce and facility reductions, cost controls and improvements in operating efficiencies, by approximately 10 to 12% below the level reported for the third quarter, with the overall reduction to be implemented within the quarter ending December 31, 2002. At September 30, 2002, Broadcom's worldwide workforce numbered 3,067, including contract and temporary personnel.
Broadcom Corporation is the leading provider of highly integrated silicon solutions that enable broadband communications and networking of voice, video and data services. Using proprietary technologies and advanced design methodologies, Broadcom designs, develops and supplies complete system-on-a-chip solutions and related hardware and software applications for every major broadband communications market. Our diverse product portfolio includes solutions for digital cable and satellite set-top boxes; cable and DSL modems and residential gateways; high-speed transmission and switching for local, metropolitan and wide area networking; home and wireless networking; cellular and terrestrial wireless communications; Voice over Internet Protocol (VoIP) gateway and telephony systems; broadband network processors; and SystemI/OTM server solutions. These technologies and products support our core mission: Connecting everything®.
Broadcom®, the pulse logo, Connecting everything® and SystemI/OTM are trademarks of Broadcom Corporation and/or its affiliates in the United States and certain other countries.
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