Premise: Sept 24 (Reuters) - Chipmaker Marvell Technology Group Ltd said it would cut jobs in its mobile platform business, resulting in a 17 percent reduction in its global workforce. The chipmaker said on Thursday it expects to take a charge of $100 million to $130 million related to the restructuring. The restructuring is currently expected to result in annualized operating savings of $170 million to $220 million, the company said. The company had a total of 7,163 employees at the end of January. (Reporting by Vidya L Nathan in Bengaluru; Editing by Sriraj Kalluvila)
Hypothesis: Marvell stock went up on the news.