backtop


Print

NVIDIA will provide severance packages, counseling and job placement for employees let go

NVIDIA is having a rough time with woes coming from its stock price to its products having stiffer competition in the marketplace from the likes of AMD. NVIDIA announced yesterday that it would be decreasing its work force by over 6.5% in an attempt to save money that it can put towards other areas.

The work force reduction amounts to about 360 employees from its worldwide work force. NVIDIA employees in the U.S. are affected as well.

NVIDIA also announced that it will take a restructuring charge of between $7 and $10 million in its Q3 financial results. The charge will be used to fund severance packages and related expenses.

NVIDIA CEO Jen-Hsun Huang said in a statement, "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. 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 says that it will provide not only severance packages to affected employees, but it will also provide counseling and job placement services as well. Layoffs at NVIDIA are expected to be complete by the end of Q3.

NVIDIA has more than layoffs on its plate right now. It is fighting a pair of proposed class action lawsuits over whether or not it mislead investors about the potential consequences of GPUs in its notebook products that failed at higher than normal  rates. NVIDIA announced in July that it would take a onetime charge of $150 to $200 million related to expenses and replacements of the GPUs that failed.





“And I don't know why [Apple is] acting like it’s superior. I don't even get it. What are they trying to say?” -- Bill Gates on the Mac ads



Latest Headlines
Featured Devices
November 28, 2016, 1:01 AM
Iron Man Mechanical Keyboard
November 18, 2016, 2:28 AM
AMD Inspires Innovation Everywhere
November 12, 2016, 1:00 AM




Latest Blog Posts
In The News
Saimin Nidarson - Dec 7, 2016, 5:00 AM
Apple Car is Not Dead
Saimin Nidarson - Dec 5, 2016, 1:00 AM
More News
Saimin Nidarson - Dec 4, 2016, 5:00 AM
More News
Saimin Nidarson - Dec 3, 2016, 5:00 AM
Top News
Saimin Nidarson - Dec 2, 2016, 5:00 AM
Top Stories
Saimin Nidarson - Nov 28, 2016, 1:12 AM
News: Fidel Castro
Saimin Nidarson - Nov 27, 2016, 5:00 AM
Top News
Saimin Nidarson - Nov 26, 2016, 5:00 AM
Top Stories
Saimin Nidarson - Nov 22, 2016, 2:26 AM
Headline News:
Saimin Nidarson - Nov 21, 2016, 1:00 AM






botimage
Copyright 2016 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki