Altera said in a document filed with the U.S. Securities and Exchange Commission that the layoff is part of a plan to restructure operations in an attempt to lower its overall cost structure. The company said it expects to save about $9 million per year.

Nearly all of the layoffs will occur in the third quarter, Altera said. The company said it expects to incur charges of approximately $4 million to $5 million in the third quarter as a result of employee severance costs.

Altera last month reported second quarter results that met Wall Street's expectations, but provided a third quarter outlook that many considered disappointing. The company said it expects third quarter sales to fall 1 to 5 percent from the second quarter's $279.2 million.

By: DocMemory
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