Dallas-based chipmaker Texas Instruments has posted Q4 2008 results, and, surprise, surprise, they look bad.

It reported a revenue of $2.49 billion, down 30 percent year-on-year, and 26 percent on Q3. Net income was a mere $107 million, a drop of 86 percent year-on-year and 81 percent compared to the previous quarter.

Like most semi companies, TI has also announced it will cut its workforce. Some 3400 workers worldwide will be affected, but the company says 1600 will leave voluntarily, to early retirement or move to other jobs. The restructuring plan should save the company about $700 million a year, but it will cost $300 million to implement.

Texas Instruments currently employs 30,175 workers worldwide.