Marvell Technology To Eliminate 4% Of Workforce : Report

(RTTNews) - Marvell Technology Inc. (MRVL) will eliminate about 320 jobs or 4% of its workforce, citing a slowdown in the semiconductor industry, Bloomberg reported on Tuesday.

Marvell joins many big chipmakers in cutting jobs, with Intel Corp., Micron Technology Inc. and others taking similar steps.

Many major US tech firms, that over-hired during the COVID-19 pandemic, have been undertaking thousands of job cuts or hiring freezes amid the slowing growth, including Alphabet Inc., the parent company of search giant Google, Microsoft, Amazon, and Twitter.

MRVL closed Tuesday's regular trading at $41.13 up $0.78 or 1.93%. But in the after-hours, the stock dropped $0.07 or 0.17%.