Feeds

Cadence to axe 560 jobs

Redundancies to tackle rampant growth in operating costs

  • alert
  • submit to reddit

The essential guide to IT transformation

Chip design software developer Cadence Design Systems is to axe 560 jobs and take a $36 million hit to its Q4 results, due next January, to pay for the losses, the company admitted. The cuts, which amount to 12 per cent of the Cadence's workforce throughout the world, are designed to reduce the company's cost structure by $8 million next quarter and a further $60 million in the next financial year. "The demand for our products and services is very strong," said Cadence president and CEO Jack Harding. "However, we have been dissatisfied with cost-effectiveness, particularly in the services business. This action improves our services margins and [will] streamline the company." Cadence's restructure follows its Q3 results, when it emerged that despite a 31 per cent increase in revenue to $308 million, the company's operational costs and expenses had increased by an even greater factor. ® Click for more stories Click for story index

Boost IT visibility and business value

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Fast And Furious 6 cammer thrown in slammer for nearly three years
Man jailed for dodgy cinema recording of Hollywood movie
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Scale data protection with your virtual environment
To scale at the rate of virtualization growth, data protection solutions need to adopt new capabilities and simplify current features.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?