Santa Clara, California-based SiFive, a fabless semiconductor company and provider of commercial RISC-V processor IP and silicon chips, has announced a "significant restructuring following an effort to deeply evaluate and recalibrate our priorities."
The restructuring will include a 20% reduction in its workforce.
The reduction in force impacted 130 employees across all business groups and levels.\
According to a company spokesperson, "It’s a sign of strain within the semiconductor sector even as intense demand for artificial intelligence chips buoys Nvidia and others. As we adjust to the rapidly changing semiconductor end markets, SiFive is realigning across all of our teams and geographies to better take advantage of the opportunities ahead, reduce operational complexities, and increase our ability to respond quickly to customer product requirements. Unfortunately, as a result, some positions were eliminated last week. The employees are being offered severance and outplacement assistance. SiFive continues to be excited about the momentum and long-term outlook for our business and RISC-V.”
The company's public relations agency released the following statement...
As we identify and focus on our greatest opportunities, SiFive is shifting to best meet our customers’ fast-changing requirements by undergoing a strategic refocusing of all our global teams.
Unfortunately, with this realignment, approximately 20% of employees across all different business groups and levels were impacted. The employees are receiving severance and outplacement assistance.
SiFive continues to be excited about the long-term opportunities for the company and for RISC-V. The growth of the company has never been stronger and the opportunities never better. We are well funded for years in the future and continue to work with the market leaders in every segment.
We remain focused on our four product groups, essential, intelligence, performance and automotive, and as we explained in a press event earlier this month, have a robust roadmap to meet the needs of these markets. We see tremendous new opportunities in AI and with Consumer products like wearables and mobile as Google brings Android to the RISC-V ecosystem.
We will continue to offer customization for specific customers, offering standard and custom products where it makes sense from a business standpoint.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
