Imagination Technologies has confirmed plans to axe 350 jobs—a 5 percent reduction in its staff headcount—as it "accelerates" its multi-million pound cost-cutting strategy announced in February.
The beleaguered British semiconductor supplier told the City on Thursday morning that it needed to shave another £12.5 million off its cost base in addition to the £15 million operating costs slash that it revealed last month, when Imagination's long-serving CEO Sir Hossein Yassaie stepped down from the firm.
Apple and Samsung are among Imagination's high-profile customers. However, a recent slump in growth in iPhone sales has hurt the firm. In February it noted that the slowdown in the semiconductor sector was failing to show any immediate signs of recovery.
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