- Chip manufacturer Intel, in a statement to the press, has confirmed that it plans to further cut its workforce to reduce costs while navigating a challenging macroeconomic environment.
- “We are focused on identifying cost reductions and efficiency gains through multiple initiatives, including some business and function-specific workforce reductions in areas across the company,” a company spokesperson said.
- According to reports, the semiconductor major may lay off up to 20 percent of the employees at its client computing and data center divisions.
- Last October, Intel announced plans to cut its expenses by $3 billion this year. Intel laid off more than 500 employees in California in job cuts announced last fall.
- Intel employs more than 22,000 at its Washington County campuses, according to Oregon Live. Reports surfaced in January that Intel was making deeper job cuts that will hit at least hundreds of employees in the Bay Area.
Chip manufacturer Intel, In a statement to the press, has confirmed that it plans to further cut its workforce to reduce costs while navigating a challenging macro-economic environment, as tech layoffs continue unabated. The company, however, did not reveal how many employees will be impacted by the upcoming layoffs.
“We are focused on identifying cost reductions and efficiency gains through multiple initiatives, including some business and function-specific workforce reductions in areas across the company,” an Intel spokesperson was quoted as saying.
According to reports, the semiconductor major may lay off up to 20 percent of the employees at its client computing and data center divisions. Intel’s Data Centre and Client computing groups are receiving 10 percent budget cuts, It’s up to divisions to figure out how to cut, given fixed costs, means as much as 20 percent layoffs in groups,” tweeted the chief analyst at the market research firm.
Last October, Intel announced plans to cut its expenses by $3 billion this year. Intel laid off more than 500 employees in California in job cuts announced last fall, according to filings with state workforce agencies. “These are difficult decisions, and we are committed to treating impacted employees with dignity and respect,” the company said in a statement.
Intel employs more than 22,000 at its Washington County campuses, according to Oregon Live. Reports surfaced in January that Intel was making deeper job cuts that will hit at least hundreds of employees in the Bay Area and nearby places in the US.
Intel reported its largest quarterly loss in the company’s history last month due to a slump in personal computer sales, with a net loss of $2.8 billion in the first quarter of the year and revenue down by 36% YoY. Despite the loss, the company still paid out $1.5 billion in dividends.
The tech industry continues to experience a wave of layoffs, and Intel is the latest to join the trend, as companies try to navigate the current economic climate. LinkedIn also joined the long list of tech companies firing employees. The Microsoft-owned company recently laid off over 700 employees and even plans to shutter its China-focused job search application.
(With inputs from agencies)
