Cirrus Logic to cut 5% of global staff

In a regulatory filing, the company stated: “On July 12, 2023, the Company notified its employees that it has implemented a workforce reduction of approximately 5% of its global employees. This action was taken in response to overall market conditions and the impact related to a new product previously scheduled for introduction this fall no longer being expected to come to market as planned, which the Company previously disclosed in its Annual Report on Form 10-K for its fiscal year 2023 filed with the Securities and Exchange Commission on May 19, 2023. The Company continues to take steps to improve operational efficiency through product prioritization, targeted investments in R&D, and continued leverage in SG&A. The Company expects to recognize charges related to this workforce reduction in the second quarter of fiscal year 2024.”