Marvell To Let Go Of 320 Employees As Slowdown Bites

Anusuya Lahiri
1 min read
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In this article:

  • Wireless, data processing, and storage chip maker Marvell Technology, Inc (NASDAQ: MRVL) is slashing about 320 jobs, or 4% of its workforce, to counter an industry slowdown.

  • The layoff marks its first significant layoffs in the U.S. in several years.

  • "We are streamlining our organization to ensure that our workforce is positioned to take advantage of our most promising opportunities, both now and when we emerge from the current industry downcycle," Bloomberg reports citing Marvell's statement.

  • Marvell joins many big chipmakers in cutting staff, with Intel Corp (NASDAQ: INTC), Micron Technology Inc (NASDAQ: MU), and others taking similar steps.

  • Tech companies like Amazon.com Inc (NASDAQ: AMZN), Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL), and Meta Platforms Inc (NASDAQ: META) have slashed tens of thousands of positions.

  • Marvell previously conducted job cuts in China.

  • Marvell considers Microsoft Corp (NASDAQ: MSFT) and Dell Technologies Inc (NYSE: DELL) significant customers.

  • In March, it reported fourth-quarter EPS of 46 cents, missing the consensus estimate of 47 cents on revenues of $1.419 billion, which beat the consensus estimate of $1.4 billion.

  • Price Action: MRVL shares closed higher by 1.93% at $41.13 on Tuesday.

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This article Marvell To Let Go Of 320 Employees As Slowdown Bites originally appeared on Benzinga.com

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