Intel to cut thousands of workers as part of a massive restructuring

Category: Business

Intel is cutting 15% of its workforce, approximately 19,000 employees, as part of a $10 billion global restructuring aimed at improving profits and efficiency. This decision follows weak financial results and a significant drop in stock prices. The company continues to invest $28 billion in Ohio, building two factories expected to employ 3,000 workers by 2027-2028. The job cuts are anticipated to occur mainly in 2024, alongside reductions in operating expenses and capital expenditures.

Keywords: Intel, workforce reduction, restructuring

Source: The Columbus Dispatch

Update At: 8/2/2024

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