8.5 C
London
Monday, December 2, 2024
HomeNewsIntel to Cut 15,000 Jobs Amidst Financial Pressures

Intel to Cut 15,000 Jobs Amidst Financial Pressures

Date:

Related stories

Gazprom Maintains Stable Gas Deliveries to Europe, Sending 42.3 Million m³ on Monday

Brussels, October 14 (FinanceFlashNews.com) – Gazprom, Russia’s gas producer,...

Markets Anticipate Faster ECB Rate Cuts as Eurozone Inflation Falls

Frankfurt, October 14 (FinanceFlashNews.com) – Financial markets are predicting...

Tax Hike in France Will Hurt Investments, Warns Stellantis CEO

Paris, October 14 (FinanceFlashNews.com) – The French government's plan...

Finland’s Inflation Drops to Lowest Level in Nearly Four Years

Helsinki, October 14 (FinanceFlashNews.com) – Year-on-year inflation in Finland...

Moody’s Downgrades Belgium’s Credit Outlook to Negative

Brussels, October 13 (FinanceFlashNews.com) – Moody's Ratings downgraded Belgium’s...

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.

Financeflashnewshttps://financeflashnews.com
This article was written by the editorial team of Financeflashnews. We strive to provide you with accurate and up-to-date information from the world of finance and investment. If you find any errors in the article, please let us know at corrections@financeflashnews.com. Your feedback is valuable to us and will help us improve the quality of our content.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories