Tags: job cuts, NVIDIA

Nvidia announces job cuts to stay competitive

Video cards manufacturer Nvidia has announced that they are now cutting its workforce by over six percent.

The company said that this decision is to allow for continued investment in strategic growth areas.

Nvidia added: “As a result, Nvidia expects to eliminate approximately 360 positions worldwide, or about 6.5 percent of the company’s global workforce.”

Derek Perez, an Nvidia spokesman stated that this job cut decision is connected to a discussion in its second quarter 2008 earnings conference call.

Jen-Hsun Huang, president and CEO of Nvidia added: “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.”