Thursday, September 18, 2008

Nvidia Cuts Staff

Santa Clara-based Nvidia said Thursday afternoon that it is cutting 6.5 percent of the company's workforce, or approximately 360 positions, at the maker of graphics processors and video cards. Nvidia said the move was made to "enhance [its] competitive position and restore [its] financial performance." According to Nvidia, it will take a restructuring charge of approximately $7 to $10M in Q3 for the move. The company also said it will provide severance packages, counseling, and job placement services to its employees.