Marvell Tech Lays Off Dozens in Israel in Targeted Cut
Translated & summarized from NEWSru Israel by baba
American chipmaker Marvell Technology has laid off dozens of employees from its Israeli R&D centers in Petah Tikva and Yokneam. The dismissals are a targeted action affecting one engineering team and not part of wider company layoffs. Marvell's CTO, Noam Mizrahi, is Israeli, and the company recently announced a $115 billion acquisition of Lumentum. The company's market cap has fallen significantly from its June peak.
The story in 6 lines · by baba
- Marvell Technology laid off dozens of employees from its Israeli R&D centers.
- The layoffs are a targeted action affecting a specific engineering team in Israel.
- Marvell's Israeli R&D centers in Petah Tikva and Yokneam employ about 500 people.
- The company's Chief Technology Officer, Noam Mizrahi, is Israeli.
- Marvell recently announced a $115 billion deal to acquire Lumentum.
- The company's market capitalization has fallen from nearly $280 billion in June to about $150 billion.
US-based semiconductor manufacturer Marvell Technology has dismissed several dozen employees from its Israeli research and development centers. These centers, located in Petah Tikva and Yokneam, employ approximately 500 people and were established through acquisitions of Israeli companies. The layoffs are described as a "point solution" affecting a specific engineering team, rather than part of a broader global reduction in force. Marvell's global R&D operations are led by Israeli Noam Mizrahi, the company's Chief Technology Officer, who joined from Galileo, a company Marvell acquired for $2.7 billion. The company primarily focuses on chips for data center communications. In early November, Marvell announced its intention to acquire Lumentum for $115 billion. Marvell's market capitalization on Wall Street is currently around $150 billion, a significant decrease from its peak near $280 billion in June. At that time, Nvidia CEO Jensen Huang had predicted Marvell would become the next trillion-dollar company, a forecast that has not yet materialized. The recent decline in Marvell's stock price mirrors trends seen across the semiconductor industry.
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