Freescale reports smaller loss in 3rd quarter - East Valley Tribune: East Valley Local News

Freescale reports smaller loss in 3rd quarter

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Posted: Thursday, October 22, 2009 7:41 pm | Updated: 1:31 am, Sat Oct 8, 2011.

Freescale Semiconductor reported a narrowed loss of $261 million in the third quarter ended Oct. 2, compared with a loss of $345 million in the second quarter and a loss of $3.37 billion in the third quarter of 2008.

Revenue was $893 million, a sequential increase from $824 million in the second quarter but a decline from $1.41 billion in the third quarter of last year.

The year-over-year sales decline was attributed to difficult market conditions and the company’s decision in 2008 to leave the cellular handset business.

Separately, Freescale spokesman Andy North said the company laid off an unspecified number of employees companywide this week but didn’t say if the cuts affected Freescale’s plants in Chandler and


“In order to ensure that Freescale emerges from these challenging times a more efficient and focused company, we must make these difficult but necessary business decisions,” he said.

Affected employees are being offered severance packages and outplacement assistance, he said.

Previously, the company said in notices filed with the Arizona Department of Economic Security that it had laid off 180 employees in Arizona this year.

No notices were filed in conjunction with this week’s actions, North said.

The company recorded $91 million in reorganization costs in the third quarter, including

about $31 million in severance charges.

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