Reported about 11 hours ago
Microchip Technology announced it will lay off about 2,000 employees, roughly 9% of its workforce, as it restructures in response to weakening demand from auto manufacturers. The decision follows significant inventory issues faced by automotive customers after a period of aggressive stockpiling during the pandemic. The layoffs will focus on chip factories in Oregon and Colorado, along with further reductions at its facility in the Philippines, with the aim of cutting operating expenses by up to $100 million annually.
Source: YAHOO