Entropic, which supplies home networking technology to Comcast (Nasdaq: CMCSA), DirecTV (Nasdaq: DTV) and other pay TV providers, said it plans to cut 40 employees.
The layoffs, which Entropic disclosed in an SEC filing Monday, represent about 6 percent of its workforce. It plans to take a $900,000 restructuring charge during the fourth quarter.
Entropic supplies DirecTV with home networking chips for its new Genie multiroom DVR that is manufactured by Pace (LSE: PIC.L), and it supplies system-on-a-chip (SoC) solutions to Comcast, which is one of its investors. Its customers also include Dish Network (Nasdaq: DISH), Time Warner Cable (NYSE: TWC), Verizon (NYSE: VZ), Cox Communications and Liberty Global (Nasdaq: LBTYA), according to the third-quarter report it filed at the SEC.
In February, Entropic said it agreed to acquire system SoC assets from Trident Microsystems for $65 million. The San Diego-based company said in Monday's SEC filing that the cuts will help it "rebalance its operations in an attempt to leverage synergies from its acquisitions, optimize resources around the projects and customers that drive the maximum growth of its businesses, and meet its financial objectives."
- see the SEC filing
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