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Intel Cuts Jobs, Cites Cost Reductions

Intel AI Core Ultra
Translate from : Intel Skærer Job, Citerer Omkostningsreduktioner
Intel plans to cut thousands of jobs to cut costs and fund an ambitious recovery plan. The company is expected to report flat revenue in the second quarter.
By Maria
31 jul. 2024 10:19 am
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Intel has announced that it will cut thousands of jobs to cut costs and invest in an ambitious bid to recover from falling revenues and weak market performance. Several people familiar with the matter told Bloomberg, speaking on condition of anonymity because the information is not public, that the workforce reduction could be announced as early as this week.

The company is expected to report its second-quarter results on Thursday (August 1), with analysts expecting Intel's revenue to be flat compared to the same period last year. Intel CEO Pat Gelsinger is understood to have been keen to invest heavily in research and development to improve Intel's technology and help the company regain its dominance in the semiconductor industry, an area also populated by giants such as Advanced Micro Dealers, Nvidia and TSMC.

It was under Gelsinger's leadership as CEO that Intel's leadership in the semiconductor niche was eroded. It was previously reported that Intel's boss planned to build factories to manufacture semiconductors for other chipmakers. However, the American online media VCPost previously reported that the development of Intel's $25 billion factory in Israel has been postponed.

It was also revealed that Intel has hired Naga Chandrasekaran, who previously worked at Micron Technology, as the company's head of global operations. Despite the impending job cuts, Intel's shares rose by approx. 1% in the aftermarket, reaching $31.11 per share.

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