© Xilinx Business | January 30, 2020
Xilinx to reduce global workforce by 7%
The supplier of programmable logic devices has released its third quarter report for the fiscal year 2020, in which the company says it will initiate cost-saving measures across the company.
Xilinx recorded revenues of USD 723 million for the third quarter of fiscal year 2020, down 13% from the prior quarter and down 10% year over year. GAAP net income for the quarter was USD 162 million, down from USD 227 million during 2Q20, and down from USD 239 million during the same quarter last year. In the report, Xilinx also announced cost-saving measures designed to drive structural operating efficiencies across the company. The company expects to reduce its global workforce by approximately 7% through a targeted reduction in force and what the company describes as “meaningfully slower hiring to replace attrition.” In addition to the targeted reduction in force, Xilinx is taking other measures to reduce operating expenses, including further reducing discretionary spend and targeting additional operating efficiencies across the business. As a result of these measures, Xilinx expects to generate non-GAAP cost and operating expense savings of approximately USD 17 million to USD 20 million in the fourth quarter. “As expected, our fiscal third quarter was a challenging quarter and our revenue came in near the midpoint of our guidance. Given the revenue headwinds we experienced during the quarter, we took actions to reduce our operating expenses which delivered earnings greater than our expectations,” says Victor Peng, president and CEO in the press release. “These are difficult actions, but we believe the decisive steps we are taking to reset our operating expenses will allow us to drive our growth strategy and technology roadmap while enabling a more appropriate level of operating profitability. We remain extremely focused on our mission and long-term growth opportunities as the leader in adaptable platforms from the cloud to edge to endpoints,” Victor Peng concludes.
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