Magnachip is said to cut 5% jobs

Update: March 25, 2023

Mar. 23, 2023 /SemiMedia/ — According to The Elec, in response to the weakness in the Semiconductor industry, Magnachip has begun manpower restructuring, and 5% of its more than 900 employees will voluntarily retire.

The report quoted sources as saying that Magnachip is preparing to cut about 5% of its staff through voluntary retirement. There are also rumors that the company will be fully prepared for the sale by downsizing.

The report pointed out that Magnachip’s structural adjustment is in response to serious performance deterioration. Its annual revenue in 2022 was $337.7 million, a year-on-year decrease of 28.8%.

As the situation of the semiconductor industry continues to deteriorate, it is expected that Magnachip’s performance in the first and second quarters of this year will hardly rebound.