In a quarterly report filed with the U.S. Securities and Exchange Commission, the company said it saved $35 million and $143 million during the first two fiscal 2018 quarters “primarily related to employee termination costs.”
The workforce reduction hit all business areas. And more cuts may be coming, according to the filing. “Management is in the process of further evaluating our resources and business needs and may eliminate additional positions, which would result in additional restructuring costs,” it said.
It almost fell apart a month earlier because a U.S. government agency didn’t like the fact that Broadcom was a Singapore company. Then in November Broadcom announced that it was relocating its headquarters to California, and shortly thereafter the deal closed.
Ongoing Battles With U.S.
But Broadcom’s struggles with the U.S. government didn’t end there.
Around the time the Brocade deal closed, Broadcom made an unsolicited bid for San Diego chipmaker Qualcomm — a move the U.S. government said posed a national security risk. In an attempt to appease lawmakers, Broadcom accelerated its efforts to relocate from Singapore to the U.S.
Despite these efforts, President Donald Trump blocked Broadcom’s $117 hostile takeover bid for Qualcomm in March, putting an end to what potentially could have been the biggest tech merger of all time.