Intel's stock craters as it reveals plan to cut 15,000 jobs, 15% of its workforce

Category: Business

Intel Corp. plans to lay off about 15,000 workers, or 15% of its workforce, in response to disappointing earnings and to cut $10 billion from its annual costs by 2025. CEO Pat Gelsinger stated that the layoffs are necessary to align the company's cost structure with its new operating model. The company also reported a net loss of $1.6 billion in the last quarter and is suspending its stock dividend. Intel aims to transform its business model to become a contract manufacturer for third-party chip designers, while facing significant competition in the chipmaking industry.

Keywords: Intel, layoffs, chipmaking

Source: SiliconANGLE News

Update At: 8/2/2024

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