Perhaps the price war with a recently competitive ATI has taken a toll on Nvidia, or maybe the ongoing mobile GPU fiasco is to blame, but whatever the reason, it will come as little consolation to the 360 employees soon to receive a pink slip. The graphics chip maker said the job cuts will take place by the end of October, which will represent a work force reduction of more than 6 percent.

"Our action today is difficult, but necessary considering current business realities," said Jen-Hsun Huang, president and CEO of Nvidia. "Despite our reduction, we will continue to invest in selective high-growth opportunities like our revolutionary CUDA parallel computing technology and our Tegra mobile single-chip computer"

Huang went on to say the company will take "fast action" to restore its financial performance. In the meantime, Nvidia is expected to record $7 to $10 million in restructuring related chargers, comprised of severance and other expenses.

Image Credit: Nvidia

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