[ad_1]
The tech company will lay off most of them by the end of the year.
Intel announced massive layoffs and second-quarter results Thursday night.
Chief Executive Pat Gelsinger warned that the tech company would lose about 15,000 jobs, or about 15% of its workforce. In a letter Most of the layoffs must be completed by the end of 2024.
He summed it up as the company cutting costs and “fundamentally changing the way we operate.”
“Our revenues are not growing as expected,” Gelsinger wrote in the letter. “We have not been able to take full advantage of powerful trends such as artificial intelligence. Our costs are too high and our margins are too low. We need to take bolder steps to address both of these issues, especially given our financial performance and outlook for the second half of 2024, which is tougher than previously imagined.”
Intel also announced other cost-cutting and investment-cutting measures. The company plans to save a total of $10 billion by 2025 through the new measures.
Second quarter Intel’s revenue was $12.8 billion, down 1% from the same period last year. At the same time, the company began to lose money. The deficit for the quarter was $1.6 billion.
Intel has been making memory chips since the 1970s. The company dominated the market for personal computer processors from the early 1980s until recently.
[ad_2]
Source link
