Sanctions-hit YMTC Laying Off 10 Percent of its Workforce
YMTC, China’s leading NAND flash and DRAM memory company, is reportedly laying off ten p.c of its workforce as it sees demand drop from decline in product sales to important American clients. The business has a cutting-edge lineup of NAND flash memory at competitive rates and top quality plenty of to fulfill Apple’s standards. It had scored a major NAND flash source deal with the Iphone maker in 2020, which fell through in 2022 as the U.S. government positioned trade embargoes on Chinese chipmakers. The company continues to source NAND flash chips to lots of of the well known Chinese smartphone and Computer brands. YMTC identified ten p.c of its workforce that it categorized as “underperforming,” and laid them off. This even ended incentives this kind of as discounted flats. 1 terminated personnel was reportedly requested to cough up RMB 400,000 (this lower price) to maintain their house.