Agere Announces Layoffs, Reaffirms Q4 Outlook

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Agere Systems is reducing its workforce by 500 employees across the business, including administrative functions, sales, marketing and product development. The company said it expects to reduce its quarterly R&D and selling, general and administrative (SG&A) expenses to approximately $170 million to $175 million by the third quarter of fiscal 2005, beginning in April. In the quarter ended June 30, the company had reported $195 million in these expenses.

In addition, Agere announced that it would cease operations in its wafer manufacturing facility in Orlando, Florida, by the end of December 2005, if a sale of the facility cannot be arranged by that time. more

(Man, that * job machine is cranking, ain't it?)

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1. More Proof The Tax Cuts Are Working Well

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