NVIDIA Announces 6.5% Workforce Reduction

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NVIDIA has announced that it will be the latest addition to a long list of corporate downsizing.  At the end of October, they will kindly wave goodbye to 6.5% of their workforce, or roughly 360 people.  Bummer.  According to company representatives, the move comes in the face of strategic growth initiatives.  One such initiative is NVIDIA’s foray into high performance computing.

nVidia logoOur 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,” said Jen-Hsun Huang, president and CEO of Nvidia. “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.”

The move will also boost what have recently been sagging financials.  They took a financial hit in Q2 when they were forced to replace bad chips used in HP and Dell notebooks.  This, to the tune of $196million.  Ouch!

For more info on the cutbacks at NVIDIA, read the full article here.