SAN JOSE, Calif. -- The news is out and it's painful. As expected, Actel Corp. (Mountain View, Calif.) announced a 10 percent reduction, or 60 employees, in its worldwide headcount.
Rumors were rampant in the morning about the layoff. The company announced the action in the afternoon.
With other cost-saving measures to be initiated during the fourth quarter of 2008, the FPGA house anticipates that the reduction in force will decrease quarterly operating expenses by approximately $2.5 million.
Operating results for the fourth quarter of 2008 will be adversely affected by accounting charges related to the reduction in force, which the company currently estimates will be about $3 million.