Aftermath of the missed Nvidia takeover, ARM now has to lay off 15% of its workforce.

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According to Bloomberg, British chip manufacturer ARM is cutting off 12 to 15% of its workforce following Nvidia's unsuccessful purchase attempt. The layoffs are claimed to have been notified in an internal message by the firm, which is owned by SoftBank.



Bloomberg: Arm Ltd., the SoftBank Group Corp. unit preparing for an initial public offering, will cut as much as 15% of its workforce, part of an effort to rein in spending and focus on fewer projects. The British company will shed 12% to 15% of staff in the U.K. and the U.S., Chief Executive Officer Rene Haas said in a memo to staff, according to a person familiar with the matter. The high end of that range would involve close to 1,000 jobs, but most of the cuts won’t affect engineers, the person said. Haas took the top job at the designer of semiconductors last month following the collapse of a proposed sale to Nvidia Corp. for $40 billion. Since the deal fell apart, SoftBank has reverted to a previous plan to cash in on its investment by selling Arm shares in the public market.

Aftermath of the missed Nvidia takeover, ARM now has to lay off 15% of its workforce.


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