US Chip Giant Marvell Lays Off Dozens in Israel
Translated & summarized from Ynet by baba
US chip manufacturer Marvell has laid off dozens of employees at its Israeli development centers, impacting one specific engineering team. The company, which employs about 500 people in Israel across locations in Petah Tikva and Yokneam, stated the move is to align resources with changing business needs. Marvell has maintained a presence in Israel for over 25 years and expressed commitment to its continued expansion there.
The story in 5 lines · by baba
- Marvell Technology Group laid off dozens of employees at its Israeli development centers.
- The layoffs affect one specific engineering team and are not part of a company-wide reduction.
- Marvell employs approximately 500 people in Israel across development centers in Petah Tikva and Yokneam.
- The company cited aligning resources with evolving business needs as the reason for the layoffs.
- Marvell has operated in Israel for over 25 years and is committed to its Israeli operations.
American chip giant Marvell has laid off dozens of employees at its development centers in Israel, where approximately 500 people are employed. This reduction is not part of a broader company-wide layoff but a specific decision affecting one engineering team in the country. Marvell's operations in Israel are spread across development centers in Petah Tikva and Yokneam, built upon Israeli companies acquired over the years. The company's global development operations are managed by Israeli Chief Mizrahi, who joined from Galileo, acquired for $2.7 billion. Marvell focuses primarily on connectivity chips for data centers and recently announced its $115 billion acquisition of Lumentum. The company is traded on Wall Street with a market value of around $150 billion, experiencing a recent decline along with other chip stocks. In June, its valuation approached $280 billion, and Nvidia CEO Jensen Huang predicted it would be the next company to join the trillion-dollar club, a forecast yet to materialize. A Marvell spokesperson stated, "As part of an ongoing effort to align resources with evolving business needs, we are reducing roles within one of our engineering teams. These changes affect a small portion of Marvell Israel's overall engineering workforce. Marvell has operated in Israel for over 25 years and is committed to continuing to expand its development center operations in Israel."
