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Technology Stocks : Broadcom (BRCM)

BRCM 54.67

0.0%

Feb 9 4:00 PM EST

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To: Raymond Duray who wrote (6003)	7/5/2001 11:48:17 PM
From: Stoctrash	Read Replies (1) of 6531

Broadcom begins layoffs to cope with downturn ebnews.com Semiconductor Business News (07/05/01, 11:18:36 AM EST) IRVINE, Calif. -- In a move to reduce costs, Broadcom Corp. has quietly begun to implement the first in a wave of layoffs at the communications chip maker. A spokesman for Irvine-based Broadcom said the company reduced its workforce in June, but he declined to comment on the numbers. The company will elaborate on the workforce reductions when it announces its first-quarter results in the next two weeks, the spokesman said. The spokesman said the moves were part of a previously announced program to cut costs. In June, Broadcom warned investors that revenues for the second quarter will fall 32-to-35% below first quarter sales of $318.1 million because of lingering inventory gluts and weakness in key chip markets. Broadcom is also expected to show a pro forma loss of $0.16-to-0.18 per share. The company is now reviewing its operations and product strategy for cutbacks and restructuring following an acquisition spree in the past year

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