1B in EU fines, 1B in promised cost savings, how are we going to see 2B in total savings? That points to a layoff of 5,000+ unless there is a new magical source of revenue.
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And a 2B agreement announced with Xiaomi etc. In another news, https://techcrunch.com/2018/01/25/xiaomi-samsung-india/
Go QC!
Didn't they also sell infra group to Atari?
One time charge by yet another regulatory body. Thankfully the Saudis aren’t investigating corruption. Didn’t work out so well for Dopey Prince Citibank p--nstache
Nokia eh?
Cool story bro.
Irwin sold the smartphone business to Nokia, we could have been Apple but for that. Virterbi was the genius, Irwin was a good, but not visionary businessman who knew how to buy political favors.
Let's face it, the real issue is that CDMA is dead, and with it most of our"must have" patents, and all the true visionaries are long gone.
But this isn't the only large fine in recent memory. This, as well as ill judged litigation, is eroding market cap. Poorly managed cost cutting has been driving away great employees for years now, and this looks likely to accelerate. Irwin never made mistakes like this. Ultimately the board is responsible. Time for a fresh start?
The timing of this has Broadcom written all over it. More to come it seems.
The $1.2B fine is a one-time charge. It's a temporary setback and less than 1% of the value of the company.
Saving $1B per year is much harder.