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Marvell Technology Is Cutting 900 Jobs

November 2, 2016, 8:51 PM UTC
Marvell CEO Says Tablets Are Threat To "Monster" PCs
Marvell Technology Group Ltd. signage is displayed outside the company's headquarters building in Santa Clara, California, U.S., on Tuesday, Feb. 8, 2011. Marvell, maker of the processor that runs BlackBerry smartphones, said the success of tablet computers and phones that surf the Web is a bigger threat to traditional personal computers than laptops. Photographer: David Paul Morris/Bloomberg via Getty Images
Photograph by David Paul Morris — Bloomberg via Getty Images

Marvell Technology said it plans to cut about 900 jobs globally and sell non-core assets in a bid to lower costs by as much as $190 million annually.

The company expects to complete the restructuring by end of October next year and bring down costs to $820-$840 million annually from $1.08 billion.

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Marvell (MRVL) has about 5,300 employees, according to its website.