Nvidia Axes 6.5% Of Its Global Workforce
The video company needs more money and less people: 6.5% of the company staffers will soon clear up their desks.
September 19, 2008
"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," said Jen-Hsun Huang, president and CEO of NVIDIA. "We are taking fast action to enhance our competitive position and restore our financial performance. All of us at NVIDIA are determined to emerge from these challenges an even stronger company."
Nvidia expects to record restructuring-related charges of approximately $7 million to $10 million in the third quarter of fiscal 2009 in connection with the reduction.
According to the company, the workforce reduction was needed so it would allow for continued investment in strategic growth areas