In June 2001, Altera said it planned to cut 152 jobs—7% of its workforce—and record an approximately $115 million pretax charge for excess inventory. The announcement came amid a semiconductor downturn and a forecast of sharply lower quarterly revenue. The figures and outlook below are those reported by EE Times on June 27, 2001; the original company announcement and later results are not established here.
What Altera announced in June 2001
Altera Corp. planned to lay off 152 employees, or 7% of its workforce, and take a one-time charge of about $115 million pretax for excess inventory in its second quarter. The inventory charge reflected the company’s adjustment during a difficult semiconductor market, according to EE Times.
The report also described a separate $10 million charge tied to layoffs and restructuring. It said the inventory and restructuring charges together were expected to total $105 million after tax. These are different accounting figures: the approximately $115 million inventory charge was reported before tax; $10 million was the separate restructuring charge; and $105 million was the expected combined amount after tax.
Why the company said it was taking action
Altera was facing weaker demand. The company reaffirmed a forecast that second-quarter revenue would fall 25% sequentially from first-quarter revenue of $287.4 million. It described signs of stability in North America, while saying international business remained soft. Those were forecasts and observations reported at the time, not final second-quarter results.
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Then-president and CEO John Daane said: “As we continue to execute on our business strategy, the current business environment requires us to be cautious and make some pragmatic, yet difficult decisions.”
What the announced savings meant
Altera expected the cuts to save about $6 million per quarter beginning in the third quarter of 2001, EE Times reported. That was a projection, not a verified result. The report does not establish how many employees were ultimately separated, the final inventory charge booked, or whether the projected savings were achieved.
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How to read the figures
- Planned workforce reduction: 152 people, reported as 7% of Altera’s workforce.
- Excess-inventory charge: about $115 million pretax, described as a one-time second-quarter charge.
- Layoff and restructuring charge: $10 million, reported separately from the inventory figure.
- Combined charge expectation: $105 million after tax for inventory and restructuring charges together.
- Expected savings: about $6 million per quarter beginning Q3 2001; the realized amount is not established.
- Revenue outlook: a projected 25% sequential Q2 decline from Q1 revenue of $287.4 million; this was not a report of final Q2 revenue.
These figures come from the contemporaneous EE Times report. The original 2001 Altera release or filing was not located, so they should be understood as reported figures rather than independently confirmed company disclosures.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Altera’s present-day context is separate
This is a historical account, not a current layoff or inventory announcement. Altera’s official newsroom lists current company activity and FPGA products. Separately, Intel’s 2026 filing says Altera was deconsolidated in the third quarter of 2025 and thereafter became an external customer. Neither source changes what the company reported in 2001.
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