Nvidia cuts 6.5 Percent of Workforce

[modeps]

BigDownload (http://news.bigdownload.com/2008/09/19/nvidia-cuts-6-5-percent-of-worldwide-workforce/) to the rescue with the news.

We've been reporting on the financial issues that the once high-flying graphics chip maker Nvidia has encountered in the last few months and this week the news has finally hit home for some of its employees. The company has announced that will lay off 360 employees, or about 6.5 percent of its total workforce. The cuts will be completed by the end of October.

Nvidia expects to take a one time charge of between $7 million to $10 million for this latest move to provide those workers with severance pay. The company took a charge of between $150 million to $200 million earlier this summer to fix issues with some of their older notebook chips. A more recent class action lawsuit was brought against Nvidia, alleging that the company committed fraud by trying to conceal their problems with the notebook chips.

I wonder how this is going to effect my ever dropping NVDA stock...

[bryan]

It's gone up because of the news.

Don't worry too much about it, it's a good long term investment. It will go up as soon as they launch their next good product. You just have to in it for the long haul. And for pity's sake don't check your stocks frequently, you're just gonna give yourself hypertension.

[ElektroDragon]

Hahaha! Glad I bought a 4870 X2 for my next system.

[Isamura]

isn't there a possible recall due to failure rate of the later nvidia model cards? I'd probably be looking to move that stock.

[Isamura]

Found the story: http://www.forbes.com/prnewswire/feeds/prnewswire/2008/09/03/prnewswire200809030805PR_NEWS_USPR_____DCW009.html

[Heretic Machine]

I can has government bailout, plz?