Marvell Technology Group Ltd. said Thursday it will cut about 15 percent of its staff, or 850 employees, and reported a fourth quarter loss of $65 million, or 11 cents a share.
Last year the company had net income in the same period of $1 million, or breakeven.
Santa Clara-based Marvell (NASDAQ:MRVL) had $513 million in revenue, down from the year-ago quarter's $845 million.
Excluding items, the company's income would have been $32 million, or 5 cents a share, down from the year-ago quarter's non-GAAP income of $123 million, or 20 cents a share.
"The results for our fourth quarter reflect the challenging business environment our company, and the world, currently faces," said CEO Sehat Sutardja.
Marvell estimates that the restructuring charges associated with the reduction in force and consolidation of facilities taken to date will be approximately $20 million, including approximately $14 million related to severance and other employee benefit payments and approximately $6 million related to facility consolidation.
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