Semtech cuts its staff-size by 8%
Semtech announced a worldwide reduction in force to align operating expenses with business conditions and leverage recent infrastructure investments. These actions, primarily targeted at sales, general and administrative expenses, are expected to reduce the total number of employees by approximately eight percent.
Mohan Maheswaran, Semtech's President and Chief Executive Officer, stated, "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." Maheswaran continued, "Our recent investments in infrastructure such as our SAP ERP system, and our Salesforce.com and Workday systems, will allow us to scale more efficiently as our revenue grows."