Reported 2 months ago
Intel disclosed plans to lay off 15,000 employees, over 15% of its workforce, as part of efforts to cut $10 billion in spending by 2025 following disappointing earnings. CEO Pat Gelsinger emphasized the need for significant actions to address high costs and low margins, especially in the face of a challenging financial outlook for the latter half of 2024. The company is also pausing shareholder dividends and offering voluntary departure options to employees amidst declining revenues and struggles to compete in the AI market.
Source: YAHOO