Marvell Technology to Cut 17% of Its Workforce

In an effort to pare as much as $260 million from its existing $1.08 billion in annual operating expenses, Marvell Technology (NASDAQ: MRVL) is cutting an estimated 900 jobs, equal to approximately 17% of its workforce. CEO Matt Murphy added that Marvell planned to discontinue specific research and development programs, and divest what it called “non-strategic businesses.” What it didn’t say was which non-strategic businesses it intends to sell off, nor will Marvell discuss additional specifics with investors and analysts until its next earnings call, scheduled for Nov. …read more

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