Texas Instruments to Lay Off 1,700

Chipmaker Texas Instruments said Wednesday that it will lay off 1,700 workers in an effort to shift focus away from its struggling mobile business.

The job cuts represent about 5% of TI's staff, and they are part of a previously announced restructuring initiative aimed at cutting costs and increasing its presence in the burgeoning embedded device market. Shares of Texas Instruments rose about 1% in afterhours trading.

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