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Intel Bleeds Red, Plans 15% Workforce Layoff and $10B Cuts For 2025
by Ryan Smith on August 1, 2024 7:15 PM EST Amidst the backdrop of a weak quarterly earnings report that saw Intel lose money for the second quarter in a row, Intel today has announced that the company will be cutting costs by $10 billion in 2025 in an effort to bring Intel back to profitability. The cuts will touch almost every corner of the company in some fashion, with Intel planning to cut spending on R&D, marketing, administration, and capital expenditures.
The company’s generous quarterly dividend, a long-time staple of the chipmarker and one of the key tools to entice long-term investors, will be suspended starting in Q4 of 2024. On that note, cheering up investors in what’s otherwise a brutal report from the company, Intel revealed that they’ve achieved another set of key milestones with their in-development 18A process. The company released the 1.0 process design kit (PDK) to customers last month, and Intel has successfully powered-on their first Panther Lake and Clearwater Forest chips.
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