SAN JOSE, Calif.—Analog mixed-signal IC vendor Exar Corp. said Wednesday (March 28) it has eliminated about 40 percent of its global headcount in the past two months.
Exar (Fremont, Calif.) said it cut about 120 jobs Wednesday, or 30 percent of its worldwide headcount. The company eliminated 53 positions last month, Exar said.
Together, Exar expects the layoffs and other actions to save the company nearly $22 million per year, the company said.
"We believe that our remaining headcount of approximately 270 people is adequate and appropriate to support our needs in sales, marketing, product development, finance, human resources and other functional disciplines while we drive growth in our target markets," said Louis DiNardo, Exar's president and CEO, in a statement. "Our basic cost structure is sound; we have a major design center in China, a majority of test operations offshore and we are now a lean organization."
DiNardo said Exar was "very comfortable" with the company's ability to recruit and retain top talent to support product development in its areas of focus.
Exar outlined its areas of product focus, including power management and control, data compression and security, connectivity and interface, and high-performance analog mixed-signal.
DiNardo said Exar is on track to hit its sales targets in the current quarter and that the company's bookings have improved compared to the previous quarter. Exar also sees positive signs in sales through its channel partners, DiNardo said.