Graphics chip maker Nvidia Corp. said Thursday it is cutting 360 jobs, or about 6.5 percent of its global work force, in response to tough market conditions.
The company, whose shares have lost about 68 percent of their value since the start of the year, said the cuts are "necessary considering current business realities."
Nvidia expects the cuts to be completed by the end of its fiscal third quarter in October. The company said it will provide affected employees with severance packages and will take pretax restructuring charges of about $7 million to $10 million in the third quarter.
President and Chief Executive Jen-Hsun Huang said in a statement the company will "continue to invest in selective high-growth opportunities."
The stock closed up 89 cents, or 8.9 percent, at $10.89.