A recession hit the semiconductor industry in mid-1974 resulting in thousands of layoffs. A November 1974 issue of "Electronics" magazine reports that Motorola had laid off 4,500 employees, Texas Instruments 7,000 and Signetics 4,000. Motorola's Semiconductor Products Division would lose thirty million dollars in the next 12 months and there were rumors that the IC group would be sold off. Motorola did not sell the division but they did change the management and organization. By the end of 1974 Intel fired almost a third of its 3,500 employees. The MOS IC business rebounded but job security was not taken for granted in 1974 and 1975.