Santa Clara, August 2 (FFN) – Intel, the American chipmaker, is set to eliminate around 15,000 jobs globally, equating to approximately 15% of its workforce. This news comes from a Reuters report.
A company spokesperson stated that the number of job cuts will vary across different facilities and regions. The majority of these layoffs are expected to be completed this year.
Following the release of disappointing second-quarter financial results, Intel announced its intention to save $10 billion (9.27 billion euros) by the end of 2025.
Intel CEO Pat Gelsinger informed employees in a memo that the company will unveil an enhanced retirement package for eligible employees next week, along with a voluntary layoff program.
“Our costs are too high, and our margins are too low. We need to take bolder actions to address both, especially given our financial results and the outlook for the second half of 2024, which is worse than previously expected,” he said.
The American chipmaker remains a dominant player in the personal computer and server markets but has struggled to keep pace with the surging demand for AI chips.
