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National Semi stock down

National Semiconductor will cut its workforce by 170 people, capping a series of major disappointments for the company in recent months.

National Semiconductor's stock slipped in midday trading a day after it announced that it would cut its workforce by 170 people, capping a series of major disappointments for the company in recent months.

National Semiconductor was trading at 15-3/8, down 3/8 of a point in early afternoon trading on the New York Stock Exchange.

The reductions, which hit hardest at the company's headquarters in Santa Clara, California, focus mainly on administrative and manufacturing areas. Employees are being paid for 60 days and provided with outplacement services.

The company has suffered significant setbacks this year, including the departure of several top managers, most notably chief executive Gilbert Amelio, who left to become CEO of Apple Computer; sharply lower net income for the quarter ended May 26; and a major restructuring.

The company also has seen a downturn in some of its key markets. "These reductions are in line with several ongoing activities to reduce costs," said Dick Wilson, vice president of human resources.