Business and Industry

Texas Instruments to Lay Off 1,700

Will shift away from mobile business into embedded tech in devices

|

Chipmaker Texas Instruments said Wednesday that it will lay off 1,700 workers in an effort to shift focus away from its struggling mobile business.

The job cuts represent about 5% of TI's staff, and they are part of a previously announced restructuring initiative aimed at cutting costs and increasing its presence in the burgeoning embedded device market. Shares of Texas Instruments rose about 1% in afterhours trading.