Marvell to cut 4% of workforce in response to chip slowdown

MARVELL Technology, a maker of wireless, data processing and storage chips, is cutting about 320 jobs, or 4 per cent of its workforce, in what it said was a response to an industry slowdown.

The company confirmed the move to Bloomberg News after notifying employees of the job cuts on Tuesday (Mar 21).

“We are streamlining our organisation 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,” the Santa Clara, California-based company said in a statement. “Specifically, we have been taking a close look at how our teams are distributed across multiple sites, and how they are being managed to ensure their optimal performance.”

Marvell joins many big chipmakers in cutting staff, with Intel, Micron Technology and others taking similar steps. More broadly, tech companies such as Amazon.com, Alphabet and Meta Platforms have slashed tens of thousands of positions.

Marvell counts Microsoft and Dell Technologies as two of its major customers, according to data compiled by Bloomberg. Marvell previously conducted job cuts in China, but the latest moves mark its first significant layoffs in the US in several years. BLOOMBERG