DALLAS — Chipmaker Texas Instruments Inc. said Tuesday that it will cut 1,100 jobs worldwide, about 3 percent of its workforce, to trim costs and will reduce its investments in certain markets.
The company said the cuts in its embedded processing unit and in Japan will result in $130 million in annual savings by the end of 2014. The job cuts are in the U.S., India and Japan.
The Dallas-based company also said Tuesday that its fourth-quarter net income nearly doubled as restructuring charges fell and revenue ticked up 2 percent.
Texas Instruments has been reshaping its business, paring back its wireless unit as its biggest smartphone and tablet customers develop their own chips. It is shifting its focus to industrial and automotive customers.