- NVIDIA Corp NVDA will cease operations and close its offices in Russia by the end of October, saying it could no longer operate effectively in the country because of recent events related to the invasion of Ukraine.
- As per Forbes Russia, until February 2022, more than 300 employees worked at NVIDIA Russia. Now there are about 240 people left, primarily engineers. For those who do not want to move, the company will terminate the contract with the parties with severance pay.
- The chip maker said it would withdraw from Russia after previously suspended shipments to the country. It had maintained a presence there to support employees and their families.
- Also Read: US Restriction On Nvidia, AMD Selling Chips To China Poses Structural Risk For Semiconductor Industry, Analyst Says.
- Citing financial chief Colette Kress, Wall Street Journal said Russia has historically represented about 2% of the company's revenue.
- Bloomberg reported, "With recent developments, we can no longer operate effectively there," the Santa Clara, California-based chipmaker said. "All employees will be given the option of continuing their jobs in other countries."
- Reuters previously reported on NVIDIA pulling out of Russia.
- Price Action: NVDA shares are up 2.93% at $128.78 during the premarket session on the last check Tuesday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.