(Source: Associated Press/AP Online)
NEW YORK - Chip maker Xilinx Inc. said Wednesday it is cutting up to 200 jobs, or about 6 percent of its work force, to save money.
San Jose, Calif.-based Xilinx said the cuts will mean a pretax charge of about $11 million to $13 million in fiscal first quarter ending in June.
The company added it will also reduce executive salaries, and it plans other short-term cost-cutting measures, including a broad salary freeze for remaining workers.
Xilinx expects to save about $4 million to $5 million per quarter as a result, beginning with the first quarter.
Over the longer term, the company said it plans additional cost-saving measures to make its supply chain more efficient, which will lead to restructuring charges of about $10 million over the second, third and fourth fiscal quarters.
Xilinx plans to report its fourth-quarter results on April 22.
Shares climbed 15 cents to $20.74 in after-hours trading. The stock closed down 12 cents at $20.59 in the regular session.
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