In the same breath as announcing the company’s third quarter fiscal results announcement, which boasted a record-breaking revenue figure over $750 million for the quarter, Marvell Semiconductor released the news that it intends cutting 400 jobs before the end of 2008. 

The jobs will affect U.S.- and Israel-based staff in particular, but losses will be felt globally and in no particular division of the company. Representing 7% of the company’s global staff, the 400 job cuts will incur a restructuring charge of up to $8 million for the company.

The reduction of operating costs is being cited as the reason for the cuts.  Dr. Sehat Sutardja, Marvell’s President and CEO, said “Marvell is making progress to reduce costs and streamline operations, and we view this as a necessary additional step towards achieving our long-term financial model.”

By Síle Mc Mahon