The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay/File Photo Acquire Licensing Rights
Nov 13 (Reuters) – Chip technology designer Imagination Technologies plans to lay off 20% of the company’s staff, according to sources familiar with the matter.
The British company, which signed a deal to supply Apple ( AAPL.O ) with chip technology in 2020, said it was cutting staff due to a challenging “business environment” over the past 18 months, according to an internal announcement by Reuters.
The cuts are company-wide, and every unit will be affected, according to one of the sources.
Imagination said in a statement that the company was taking “necessary steps to adapt to the challenging and evolving market” and declined to comment further.
Imagination makes technology that competes with Arm Holdings ( O9Ty.F ), which recently went public and had 559 employees by the end of 2022, according to a recent filing with British regulators.
Apple did not immediately respond to a request for comment.
Reporting by Max A. Cherney in San Francisco; Editing by Chris Reese and Stephen Coates
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