Broadcom Fires More Than 500 Employees

Broadcom Corp. of Irvine fired more than 500 workers, or 16% of its staff, and consolidated units to reduce costs amid slumping sales of some lines of chips, Chief Executive Henry Nicholas said.

Nicholas declined to say precisely how many jobs were cut. Broadcom consolidated groups that develop chips for big telecommunications networks and that make chips for office networks because of slow growth in the former business, he said.

Broadcom shares gained 15 cents to $20.79 in extended trading. The stock had risen 69 cents to $20.64 in regular trading on Nasdaq.