Santa Clara (CA) – Nvidia has announced that it will cut 360 jobs or approximately 6.5% of its global workforce.  The affected workers will be getting their pink slips almost imminently because the company reports that it will complete the cuts by October 26th 2008.  The workers will receive counseling, job placement and severance packages.

According to Nvidia president and CEO Jen-Hsun Huang, the cuts will make NVIDIA an “even stronger company and will restore financial performance.  “Our action today is difficult, but necessary considering current business realities.  Despite our reduction, we will continue to invest in selective high-growth opportunities like our revolutionary CUDA parallel computing technology and our Tegra mobile single-chip computer,”he added.

Nvidia recently announced that it will set aside $200 million for fixing problems in its laptop graphics chips.  Last month, we reported that the company switched over to a new solder for its graphics cards.  This has caused high failure rates of its laptop chips.  Nvidia has promised to help laptop makers pay for repairs.

Nvidia is expected to take a $7-$10 million restructuring-related charge on its third quarter 2009 earnings.

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