Get the latest tech news
Intel To Cut 16,000 Jobs To Save Costs
Intel has announced plans for a substantial workforce reduction, surpassing initial expectations, as part of a comprehensive strategy to bolster its financial position and streamline operations. The company intends to lay off over 16,000 employees, representing more than 1% of its global workforce, ...
Intel has announced plans for a substantial workforce reduction, surpassing initial expectations, as part of a comprehensive strategy to bolster its financial position and streamline operations. The company intends to lay off over 16,000 employees, representing more than 1% of its global workforce, with the majority of these cuts slated for completion by the end of 2024, according to the firm's second-quarter earnings report released on Thursday.Concurrent with the workforce reductions, Intel has outlined plans to significantly curtail its capital expenditures, projecting a decrease of over 20% to a range of $25 to $27 billion in 2024, with further reductions anticipated in 2025. This shift in focus towards capital efficiency comes as the company achieves its goal of developing five process nodes in four years, signaling a recalibration of investment levels to align with market demands.
Or read this on Slashdot
