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Arm Holdings Plc (NASDAQ:ARM) recently let go of over 70 software engineers in China while it proposed relocating some of the roles outside the Asian nation.
Major chip companies, including Qualcomm Inc (NASDAQ:QCOM), downsized in 2023 as the semiconductor industry faced a downturn due to lackluster demand for electronics.
In November, Arm offered a disappointing sales forecast amid a slump in smartphone sales.
Also Read: Is Intel's Reign In Jeopardy? ARM-Based Challengers Threaten Chip Giant's Legacy
Arm will offer about 15 affected staff different roles working on China-related projects, Bloomberg cites familiar sources.
The company is filling the terminated jobs with contract software engineers working on projects spanning Arm's business worldwide.
Arm, the Cambridge, UK-based company, is reorganizing its China software engineering resources to support local developers better, aiming to optimize the benefits of Arm's performance and features for the China Software Ecosystem, as stated in their announcement.
CFO Jason Child reported in November that China's share of Arm's global sales dropped to around 20% from 25% as other regions increased more rapidly.
The company, backed by SoftBank Group Corp (OTC: SFTBF) (OTC: SFTBY), experienced a significant impact on China from the U.S. technology embargo.
Arm is recovering from a prolonged conflict with the former head of Arm China, a joint venture between SoftBank and a consortium of Chinese investors.
Arm China, the British chip designer's sales office in the critical semiconductor market, laid off over 100 employees earlier this year, predominantly from its research and development unit focused on local chip technology.
Previously, Arm delegated the task of supporting its Chinese clientele to Arm China via a division known as Global Service, which once boasted up to 200 employees. However, the company dismissed over 70 staff members from this department.
Also Read: Arm's Chinese Fortunes in Jeopardy? Inside the Rise of Borui Jingxin
ARM Price Action: Arm Holdings shares are trading lower by 1.93% at $69.66 premarket on the last check Monday.
Photo via Wikimedia Commons
