Nvidia axes 360 jobs

 

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By Stuart Turton

Posted on 19 Sep 2008 at 16:29

Nvidia has confirmed that it's going to lay off 360 workers, representing around 6.5% of its global workforce.

The company says the cuts will be completed by 26 November, and echoing HP's similar statement earlier in the week, Nvidia is offering severance packages, counselling and "job-placement services" for affected employees.

Nvidia has some 5,000 employees worldwide, but claims a difficult operating environment which has seen its shares lose 65% of their value since the beginning of the year has forced it into taking the measure.

"Our action today is difficult, but necessary considering current business realities... Despite our reduction, we will continue to invest in selective high-growth opportunities like our revolutionary CUDA parallel computing technology and our Tegra mobile single-chip computer," says the company's president, Jen-Hsun Huang.

"We are taking fast action to enhance our competitive position and restore our financial performance."

The company expects to post a restructuring charge of roughly $7 million to $10 million in the third-quarter of its fiscal 2009.