Apple GPU partner Imagine Tech to cut jobs, read the company’s statement

UK chip designer Imagination Technologies, which provides graphics processors for iPhones and iPads, is reportedly planning to lay off 20% of its staff. The job cuts are said to be due to a challenging business environment over the past 18 months. Imagination Technologies, owned by private equity firm Canyon Bridge, experienced a significant drop in shares when Apple announced plans to develop its own graphics technology. The layoffs will affect all units within the company. Imagination Technologies recently entered into a multiyear license agreement with Apple, granting the tech giant access to its intellectual property.