US Chipmaker Marvell Cuts Dozens of Jobs at Israeli Development Centers
Translated & summarized from Vesty by baba
American semiconductor company Marvell has laid off dozens of employees at its Israeli development centers, affecting one engineering team. The company stated these cuts are a localized decision to align resources with business needs and not part of wider layoffs. Marvell has operated in Israel for over 25 years and plans to continue expanding its presence there.
The story in 5 lines · by baba
- Marvell laid off dozens of employees at its Israeli development centers.
- The layoffs affect a single engineering team and are not company-wide.
- Marvell's Israeli operations employ around 500 people.
- The company has been active in Israel for over 25 years.
- Marvell plans to continue expanding its development centers in Israel.
American semiconductor manufacturer Marvell has laid off dozens of employees at its Israeli development centers, which employ approximately 500 people. These layoffs are not part of a broader company-wide reduction but represent a localized decision affecting a single engineering team in Israel. Marvell's Israeli operations, with development centers in Petah Tikva and Yokneam, are built upon technologies acquired from Israeli companies. The company's global research and development is led by its Israeli Chief Technology Officer, Noam Mizrahi, who joined Marvell after its acquisition of Galileo. Marvell specializes in chips for high-speed data transmission and connectivity in data centers. The company recently announced a $115 billion deal to acquire Lumentum. Marvell's market capitalization stands at around $150 billion, a significant drop from nearly $280 billion in June, despite a previous prediction by Nvidia CEO Jensen Huang that Marvell would reach a trillion-dollar valuation. A Marvell spokesperson stated, "As part of our ongoing efforts to align our resources with evolving business needs, we are making workforce reductions in one of our engineering teams. These changes affect only a small portion of Marvell's overall engineering presence in Israel. Marvell has been operating in Israel for over 25 years and intends to continue growing its development centers in the country."
