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Texas Instruments to lay off 1,700 employees in cost-cutting move as it exits the smartphone processor market

TI OMAP 5 Texas Instruments stock 1024

Texas Instruments already indicated that it would be existing the smartphone processor manufacturing business, and now the company has announced it plans to cut some 1,700 jobs worldwide as it looks to save money during its transition. In a press release, TI's senior vice president of embedded processing Greg Delagi said that "we have a great opportunity to reshape our OMAP processor and wireless connectivity product lines to concentrate on embedded markets," a definite change of pace from OMAP 5's planned usage in smartphones and tablets. As for the job cuts, TI says that its new direction "require fewer resources and less investment," and that TI expects to save about $450 million by the end of 2013, a pretty significant chunk of change. This news comes just a few days after TI outlined its plans to push the OMAP 5 chipset into "industrial" applications like point of service and portable data terminals. It's less competitive than the smartphone silicone marketplace — but unfortunately the move made a good number of jobs expendable.

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