Intel to Lay Off Thousands To Cut the Cost
By MYBRANDBOOK
Intel Corp is set to lay off thousands of employees as part of a strategy to reduce costs and finance efforts to recover from declining earnings and market share losses. Sources familiar with the matter, who requested anonymity, indicated that the announcement could come as soon as this week. Intel currently employs about 110,000 people, excluding workers from units being spun off.
Under CEO Pat Gelsinger, Intel is heavily investing in research and development to enhance its technology and regain leadership in the semiconductor industry. Gelsinger has also initiated a plan to build factories that will produce semiconductors for other chipmakers. This move aims to improve Intel's technological capabilities and address challenges posed by competitors like AMD and NVIDIA Corp.
In a bid to strengthen its manufacturing operations, Intel recently hired Naga Chandrasekaran from Micron Technology Inc. as the chief global operations officer. Despite these efforts, Intel faces inconsistent demand for its primary products, chips for laptops and desktop computers. Following the news of potential layoffs, Intel shares saw a slight increase of about 1%, reaching up to $31.11 in late trading.
This workforce reduction is not unprecedented. In 2023, Intel reduced its headcount by about 5%, bringing the total to 124,800 by the end of the year, following job cuts that began in October 2022. Additionally, Intel has slowed spending in other areas, aiming to achieve cost savings of up to $10 billion by 2025.
Analysts predict that Intel's second-quarter revenue, to be reported on Thursday, will be flat compared to the same period last year. However, they anticipate modest growth in the latter half of 2024, with total sales expected to increase by 3% to $55.7 billion for the full year. If these projections hold, it would mark Intel's first annual revenue increase since 2021.
Intel's decision to cut thousands of jobs reflects a strategic move to reduce costs and invest in future growth through research, development, and new manufacturing facilities. As the company navigates challenges in the semiconductor industry, it aims to restore its market position and achieve financial stability.
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