We have learned that Nvidia will shed 6.5 percent of its 5,500-strong global workforce—equating to approximately 360 employees—before the end of its third fiscal quarter. The job cuts come following dramatic changes to the company's business outlook during the second quarter and will be company-wide cuts. There will be job losses in all business units, in all regions – because of this, there will be some internal reshuffling following the redundancies.

Although Nvidia's business outlook has changed, the company says it is still making significant progress in its key growth areas, namely with its CUDA parallel computing technology and also its Tegra system on a chip, and will continue to invest heavily in high growth opportunities.

Jen-Hsun Huang, Nvidia's CEO and president, said that although he regrets having to make the first cuts in the company's history, he believes they are necessary "considering the current business realities." He then continued by saying that "We are taking fast action to enhance our competitive position and restore our financial performance. All of us at Nvidia are determined to emerge from these challenges an even stronger company."

You can read the entire article at Bit-Tech.