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© alexey-utemov-dreamstime.com Electronics Production | January 31, 2014

Flextronics plans layoffs – despite topping profit

Despite a strong 3Q – with growth in revenue, operating profit and net income – the EMS-provider is planning layoffs during its fourth quarter.

During the fourth quarter, the company plans to initiate some cost reduction activities, among these, the reduction of its workforce., according to information from Flextronics Q3 report. As a result, Flextronics expects to recognise approximately USD 30 million to USD 35 million in pre-tax cash charges comprised primarily of employee severance and benefit costs. The fruit of these cost reduction activities is – potential – annualised savings of roughly USD 60 million principally to selling, general and administrative expenses through reduced employee expenses and lower operating costs.
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September 15 2019 8:56 pm V14.3.11-2