Semtech Corp. (SMTC), Wednesday announced its plans to reduce total number of employees by about 8 percent to curb sales, general and administrative expenses.
CEO Mohan Maheswaran said, "Given our recent revenue decline driven primarily by weak Korean smartphone demand, we have made the very difficult decision to reduce our headcount and operating expenses across a majority of Semtech's locations."
The company expects to reduce its current annualized operating expenses by about $20.0 million once the reduction plan is fully executed. Semtech expects to record total charges related to these actions of approximately $3.5 million during the second and third quarters of fiscal year 2016.
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