GPU technology supplier Imagination Technologies is laying off 20% of its workforce

The headquarters of the technology company Imagination Technologies is seen on the outskirts of London

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

Our standards: Thomson Reuters Trust Principles.

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