TECH - Arm Holdings Lays Off Over 70 Software Engineers In China As Tech Slump Hits Hard | Benzinga
In a recent move reflecting the downturn in the semiconductor industry, Arm Holdings Plc (NASDAQ:ARM) has parted ways with more than 70 software engineers in China.
What Happened: As per insider information, Bloomberg reported on Monday that the U.K.-based chipmaker’s recent actions mirror those of other big players in the industry like Qualcomm Inc. (NASDAQ:QCOM), who have also had to scale back their global workforce amid lower demand for electronics.
Around 15 of the laid-off staff are expected to be offered alternative roles related to projects within China. The terminated positions largely belonged to contract software engineers involved in various projects across Arm’s global operations.
Arm defended its decision to restructure its China software engineering resources, stating it was a bid to provide direct support to local developers.
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With global growth surpassing that of China, the country’s share in Arm’s global sales has dipped from 25% to ...