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Marvell to Cut 400 WorkersPOSTED November 28, 2007 SANTA CLARA -- Marvell Corp. announced a plan to reduce operating expenses and help meet financial targets with a worldwide reduction in force of approximately 400 employees, or 7% of the Company's total workforce. The Company expects to incur a restructuring charge in connection with the plan of up to $8 million in the fourth quarter of fiscal 2008 related to severance and other expenses. The workforce reduction will affect all functions of the Company's global workforce, and in particular positions based in the United States and Israel, and to a lesser degree, other international locations. The plan is expected to be completed in the fourth quarter of fiscal 2008. "It is difficult to announce changes to our workforce, but we have made this decision with the utmost care and respect for the hardworking and talented individuals involved," said Dr. Sehat Sutardja, Marvell's President and CEO. "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." Marvell is a leader in storage, communications and consumer silicon solutions. The Company's diverse product portfolio includes switching, transceiver, communications controller, wireless, and storage solutions that power the entire communications infrastructure, including enterprise, metro, home, and storage networking. Mrvell also announced net revenue for the third quarter of
fiscal 2008 was a record $758.2 million, an increase of 46% over
net revenue of $520.4 million for the third quarter of fiscal
2007 and a 15% sequential increase from net revenue of $656.7
million for the second quarter of fiscal 2008. Net loss for the
quarter was $6.4 million. © Copyright SVDaily.com |
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