Intel planning to cut thousands of jobs in cost-saving move: Report
California/IBNS: American tech major Intel Corporation is likely to announce layoffs for thousands of employees as early as this week, Bloomberg reported, citing sources in the know.
According to reports, the move comes as the California-headquartered chip maker looks to cut costs and recover for projected flat Q2 earnings expected on August 1, and market share losses.
As per Bloomberg report, Intel has about 110,000 employees, excluding workers at units that are being spun out.
Between October 2022 to December 2023, the company laid off 5 percent of its employees to 124,800, reports Bloomberg.
The chip maker is also slowing spend in “other areas” and is expected to slash expenses by as much as $10 billion by 2025, according to the Bloomberg report.
Intel has been facing financial headwinds that have caused its share prices to fall significantly so far this year as the company reported that its 2023 revenue was $54.2 billion, down $8.8 billion, or 14 percent, from 2022.
Notably, Intel’s once-dominant position and market share has eroded under the company's CEO Pat Gelsinger’s predecessors as rivals, such as Advanced Micro Devices Inc. (AMD) caught up, reports Bloomberg.
However, a spokesperson for Intel declined to comment on the matter, Bloomberg added.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Operation Sindoor on games field, India wins: PM Modi jibes Pak in congratulatory message for his country
Suryakumar Yadav donates Asia Cup match fees to Armed Forces and Pahalgam terror attack victims' families
US: Michigan church attack leaves four dead, gunman shot down
Narendra Modi congratulates Team India on Asia Cup win over Pakistan, recalls Operation Sindoor
