Marvell Technology Inc., a manufacturer of wireless, data processing, and storage chips, is cutting about 320 jobs, which represents 4% of its workforce.
“In the statement, Stacey Keegan, Marvell’s Vice President of Corporate Marketing, said that they are streamlining their organization to ensure that their workforce is positioned to take advantage of their most promising opportunities, both now and when they emerge from the current industry downcycle.”
Keegan stated that while China remains a significant and essential market for Marvell, the company has decided to concentrate its China-based resources on customer-facing teams to provide the best support for local customers and business opportunities. However, she added that this move has resulted in the elimination of certain R&D roles.
After notifying employees of the job cuts on Tuesday, the company confirmed the move to Bloomberg News.
