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GPU tech supplier Imagination Technologies lays off 20% of staff

Economic Times · 1y

Imagination Technologies, a chip technology design maker, plans to lay off 20% of its staff due to a challenging business environment over the last 18 months. The U.K.-based company, which supplies chip technology to Apple, cites the need to adapt to the evolving market. Imagination's technology competes with Arm Holdings. The company, owned by private equity firm Canyon Bridge, reported a profit before tax of £17 million ($20.9 million) on revenue of £120.3 million for the last year.