ARM announces 1,000 layoffs after Nvidia abandons acquisition.

$NVIDIA(NVDA.US)$ $Armada Mercantile Ltd(ARM.CA)$ Pinwan , March 15th , according to market news, British chip company ARM revealed this week that it plans to lay off 12% to 15% of its employees worldwide, up to 1,000 people.

ARM said most of the job cuts would take place in the U.K. and U.S., but did not provide specific numbers for job cuts in individual countries. "Like any other company, ARM continually evaluates business plans to ensure the company strikes the right balance between opportunity and cost discipline," the company said in the announcement.