“On December 21, 2022, we announced a restructure plan in response to challenging industry conditions,” the company said in a recent US Securities and Exchange Commission (SEC) filing.

“Under the restructure plan, we expect to reduce our headcount by approximately 10 per cent over calendar year 2023, through a combination of voluntary attrition and personnel reductions,” it added.

Moreover, the chip-maker mentioned in the SEC filing that, “in connection with the plan, we expect to incur charges of at least $30 million in the second quarter of fiscal 2023, substantially all in cash expenditures”.

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