SAN JOSE, Calif. Magma Design Automation Inc. officials said the company eliminated less than ten positions but did not have a wide ranging layoff, as has been rumored over the last week.
A Magma spokesman said the company has performed a minor realignment of its workforce behind new products and in doing so eliminated less than ten employees.
Rumors in the industry had claimed Magma had cut 50 employees last week as a consequence of last quarter's preannouncement in which Magma lowered bookings guidance for the rest of the year.
On the September earnings call, Magma CFO Greg Walker said the company planned on slowing down but not freezing its hiring.
The spokesman told EE Times (Nov. 15) that Magma still plans on having a higher headcount at the end of December than it did at the end of a September.
On the earnings call in September, Magma reported it had 577 employees.