Texas Instruments is eliminating 1,700 jobs, as it winds down its mobile processor business to focus on chips for more profitable markets like cars and home appliances. The layoffs are equivalent to nearly 5 percent of the Austin, Texas-based company's global workforce. The company, which has 35,000 employees around the world, expects annualized savings of about $450 million by the end of 2013 from the action. The decision to lay off employees is because Texas Instrument has been under pressure in mobile processors, where it has lost ground to rival Qualcomm Inc., leading smartphone makers Apple Inc and Samsung Electronics Co Ltd, who have been developing their own chips instead of buying them from suppliers like Texas Instrument.

Source: The Financial Express