Good morning, Austin! We have scanned the internet to bring you the latest technology news. Here's what's happening:
It's official: Qualcomm is buying NXP
NXP Semiconductors, which has a significant Austin workforce, is being acquired by
Qualcomm, the largest maker of mobile-phone chips, in a transaction valued at $47 billion.
The deal, announced this morning, will be a whiplash for NXP's Austin employees, who were only purchased by NXP last December.
Prior to that, the Austin operations were run as Freescale, an independent publicly-traded company that has a long history in Central Texas.
The NXP acquisition has been somewhat tumultuous for its Austin employees. There have been several rounds of layoffs in the first year.
For Qualcomm, the deal is a chance to accelerate the company's entry into the burgeoning market for electronics in cars.
Twitter is cutting 9 percent of its workforce
Twitter is cutting 9 percent of its staff, or roughly 350 people, as part of a broader plan to cut costs at the company and refocus its business.
Twitter announced the cuts early Thursday morning along with the company’s third quarter earnings, which beat Wall Street expectations.
Employees were emailed just before the earnings were announced, and Twitter CEO Jack Dorsey will speak with the staff at a company meeting later this afternoon.
Samsung third-quarter profit drops after Note 7 phone crisis
Samsung Electronics reported a 17 percent fall in third-quarter profit after the demise of its fire-prone Note 7 line threw the world’s largest smartphone maker into disarray.
Scores of reports about battery fires and explosions forced Samsung to kill its most profitable model this month, leading to its worst corporate crisis to date.
Net income fell to $3.9 billion in the September quarter as the company dealt with a debacle that may ultimately cost more than $6 billion.
Its shares have gone on a roller-coaster ride since the Note 7 recall began in September, at one point shedding more than $20 billion of market value.
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