June 13, 2024


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UK technology firm Arm plans to cut 12-15% of workforce


March 14 (Reuters)Arm Ltd plans to cut 12% to 15% of its workforce, the British chip designer said on Monday, just over a month after the collapse of the firm’s $40 billion sale to U.S. chipmaker Nvidia Corp NVDA.O.

Most of the job losses would be in the UK and the United States, the company said.

“Like any business, Arm is continually reviewing its business plan to ensure the company has the right balance between opportunities and cost discipline,” Arm told Reuters in an emailed statement.

“Unfortunately, this process includes proposed redundancies across Arm’s global workforce,” the company said.

The Telegraph had earlier reported that the British technology firm was cutting jobs and the move could affect more than 600 employees.

In February, SoftBank Group Corp 9984.T shelved its blockbuster sale of Arm to Nvidia citing regulatory hurdles and would instead seek to list the company. SoftBank had acquired Arm in 2016.

The value of the proposed sale, which depended on Nvidia’s stock price, was originally pegged at about $40 billion but rose with Nvidia’s stock price to about $80 billion late last year.

(Reporting by Amna Karimi in Bengaluru; Editing by Shailesh Kuber)

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