💨 Abstract

Microchip Technology plans to cut around 2,000 jobs (9% of workforce) due to slowing demand from automakers. The company is also selling its integrated circuit die to a Chinese partner and closing its Arizona factory. These changes aim to address waning demand, clear inventory, and reduce operating expenses by $90-$100 million annually.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖