Altera cuts 3 per cent of workforce

NEW YORK, USA: Chipmaker Altera Corp., announced on Tuesday that it is cutting about 3 per cent of its 2,700 work force.

As per media reports, nearly 87 employees are expected to be laid off before the end of the third quarter.

Altera said it expects to take restructuring-related charges of $4 million to $5 million in the period due to employee severance costs.

The company expects to save $9 million a year from the layoffs.

Last month, the company said its second-quarter profit dropped 52 per cent from a year ago on lower sales and higher taxes

The stock added 8 cents to $19.67 after the trading closed the regular session at $19.59.