September 18, 2008 / 9:19 PM / 11 years ago

UPDATE 1-Nvidia to lay off 6.5 percent of global workforce

(Adds quote from CEO, paragraph 3; dateline)

LOS ANGELES, Sept 18 (Reuters) - Nvidia Corp (NVDA.O) plans to cut about 360 jobs worldwide, or about 6.5 percent of its workforce, to allow the graphics chip maker to invest in strategic growth areas, the company said on Thursday.

The company expects to complete the layoffs by the time its fiscal third quarter ends on Oct. 26. It plans to book restructuring-related charges of $7 million to $10 million during the quarter.

“Our action today is difficult, but necessary considering current business realities,” Jen-Hsun Huang, Nvidia’s president and chief executive said in a statement.

Nvidia said it would continue to invest in “high-growth” products like its CUDA parallel computing and its Tegra mobile single-chip computer.

Shares in Nvidia closed up 89 cents to $10.89 on the Nasdaq amid a broad market rally. (Reporting by Lisa Baertlein,editing by Leslie Gevirtz)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below