Reported 2 months ago
Intel is cutting 15% of its workforce, approximately 17,000 jobs, less than a year after receiving $8.5 billion in federal grants aimed at boosting U.S. chip manufacturing. CEO Pat Gelsinger stated that the company needs to realign its cost structure due to disappointing revenue growth and challenging market conditions, prompting major changes within the organization. The announcement has raised questions regarding the efficacy of the government aid, particularly as the stock price fell sharply following the news.
Source: YAHOO