Update: We inquired to TI about this news, and here's what a spokesperson had to say:
As communicated in this week’s investor event (webcast is available at http://investor.ti.com), the smartphone market has become a less attractive long-term opportunity for TI’s OMAP products, primarily due to vertical integration and market consolidation. We are reprofiling our investment accordingly, but have no additional details to share at this time.
Overall, TI remains committed to the OMAP platform and our customers. We are accelerating the expansion of OMAP processors into a broader set of embedded applications such as automotive, industrial, enterprise communication, vision and robotics, to grow the OMAP footprint beyond mobile.