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Cadence to eliminate 10% of its work force

SHARE Cadence to eliminate 10% of its work force

Cadence Design Systems Inc., which has operations in Sandy, said Tuesday it will eliminate 500 jobs, or 10 percent of its work force, in an effort to cut costs.

The San Jose-based company made the announcement while releasing second-quarter financial results.

Company officials could not be reached for comment Tuesday regarding the impact of the job cuts on Utah operations. The cuts will result in restructuring charges of $60 million in the third quarter, the company said.

For the quarter, the company had pro forma earnings of $25 million, or 9 cents per share. Including amortization of acquired intangibles, deferred stock compensation and other charges, the company had a net loss of $8 million, or 3 cents per share.

Revenue totaled $276 million.

For the third quarter, the company expects revenue between $265 million and $275 million, pro forma earnings per share between 11 cents and 13 cents, and a with-charges loss of 16 cents to 18 cents. For the full year, revenues should be between $1.09 billion and $1.13 billion, pro forma EPS between 48 cents and 52 cents, and a with-charges loss between 9 cents and 13 cents.

The company supplies electronic design technologies, methodology services and design services for to help manage the design of semiconductors, computer systems, networking and telecommunications equipment, consumer electronics and other electronics-based products.