NVIDIA
Corporation (Nasdaq: NVDA) today announced a workforce reduction to allow
for continued investment in strategic growth areas. As a result, NVIDIA
expects to eliminate approximately 360 positions worldwide, or about 6.5
percent of the Company's global workforce. The reduction is expected to be
completed by the end of the third quarter of fiscal 2009 ending October 26,
2008. NVIDIA will provide employees affected by this reduction with
severance packages, counseling, and job placement services.
"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," 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 Company expects to record restructuring-related charges of
approximately $7 million to $10 million in the third quarter of fiscal 2009
in connection with the reduction. These pre-tax charges are comprised of
severance and related expenses and are expected to be charged primarily
against NVIDIA's operating expenses.
NVIDIA
NVIDIA is the world leader in visual computing technologies and the
inventor of the GPU, a high-performance processor which generates
breathtaking, interactive graphics on workstations, personal computers,
game consoles, and mobile devices. NVIDIA serves the entertainment and
consumer market with its GeForce(R) products, the professional design and
visualization market with its Quadro(R) products, and the high-performance
computing market with its Tesla(TM) products. NVIDIA is headquartered in
Santa Clara, California and has offices throughout Asia, Europe, and the
Americas.
Source: NVIDIA
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