San Jose-Based Altera to Cut 65 Jobs as Part of Restructuring

San Jose, Calif. -- Altera, a San Jose-based developer of programmable computer chips, said on Wednesday that it plans to cut 65 jobs -- about 2% of its staff -- as part of a larger restructuring. The company said that it expects to incur $4-$6 million in charges as a result of the moves, but estimates they will save it about $10 million a year. The moves come as Altera expects fourth-quarter sales to be as much as 4% lower than last quarter, "Sales into the communications market are somewhat stronger than earlier guidance, while sales into the consumer market are somewhat weaker than anticipated," the company said in a statement.
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