Broadcom Says Laid Off 1,110 Employees Since Brocade Merger

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(RTTNews.com) - Broadcom Inc. ( AVGO ) disclosed in a regulatory filing that about 1,100 employees have been terminated from workforce across all business and functional areas on a global basis as a result of the Brocade Merger. Management is in the process of further evaluating its resources and business needs and may eliminate additional positions, which would result in additional restructuring costs.

During the first quarter of fiscal year 2018, Broadcom began the implementation of cost reduction activities associated with the Brocade Merger. In connection with the Brocade Merger, Broadcom recognized $35 million and $143 million of restructuring costs primarily related to employee termination costs during the fiscal quarter and two fiscal quarters ended May 6, 2018, respectively.

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This article appears in: World Markets , Stocks
Referenced Symbols: AVGO

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