Low Quarter Leads to Ceva Cutting £81 Million from Operations

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After a drastic drop in profit in the last quarter (July-September), Ceva has decided that they will be completing some cost reductions equating to approximately £81 million, such as a global headcount and a review of its locations on a global scale.

These cuts are expected to take place in early 2013, but Chief Executive Marvin Schlanger kept his statement vague by not disclosing how the UK’s branch and jobs would be affected. The newly appointed Chief Executive has had a tough first 8 weeks in this position as he is now faced with drastic cost cutting. He did attempt to reassure UK staff by saying ‘The UK’s business is an important market with good development performance’.

As a result of under-performing contracts, Ceva will be withdrawing from several countries, to be disclosed a later date and therefore affecting employees facing redundancy. It is not known when this information will be disclosed to the public.

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