Imagination Technologies to lay off 20% of staff
Semiconductor and software design company Imagination Technologies is reportedly planning to let go of 20% of its workforce.
According to an internal message reviewed by Reuters, the UK-based creator of silicon and software IP is reducing its workforce due to a challenging “business environment” over the last 18 months.
The reduction is said to be company-wide and every unit will be affected, a source detailed to Reuters. Imagination told the news outlet that the step is necessary to adapt to the "challenging and evolving market" and declined to comment further.
At the end of 2022, Imagination had a workforce of 559 and according to one of the sources, as many as 130 jobs in the UK are at risk.
Back in 2020, the UK-based creator of silicon and software IP signed a multi-year, multi-use license agreement with Apple.