Citing industry slowdown as the reason, Marvell Technology has announced a workforce reduction of approximately 4 per cent. The cut translates to around 320 jobs in various departments out of its current total of 7,448 employees, reported Bloomberg.
No information has yet surfaced about the departments which will be facing the job cuts, however, the company has been evaluating the distribution of its teams across various locations and assessing their management to ensure they perform optimally. Additionally, after the news was reported, Marvell’s stock was minimally affected, dropping less than 0.1 per cent in after-hours trading, despite a 1.9 per cent increase in the regular session, which closed at $41.13.
The company renowned for producing chips for wireless technology, is based in Santa Clara, California. Confirming to Bloomberg about the decision, it stated in a release that the company is restructuring its organisation to capitalise on the most promising opportunities available to them. The statement also mentioned that the company is preparing its workforce to benefit from these opportunities in the present as well as after the current industry slowdown has passed.
Marvell has followed in the footsteps of major chip manufacturers such as Intel and Micron Technology by reducing its workforce. This is part of a wider trend in the tech industry, where companies such as Amazon, Alphabet, and Meta Platforms have also eliminated tens of thousands of jobs.
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