Intel Plans to Cut Thousands of Jobs to Assist Rebound

Intel Corp. is reportedly planning to cut thousands of jobs as part of a cost-cutting strategy aimed at funding a significant rebound effort. This move comes in response to a period of decreased earnings and loss of market share.

As per sources of Bloomberg, Intel's second-quarter earnings report is scheduled for Thursday and the job cut plan could be announced soon later this week. The chip giant currently employs approximately 110,000 people, not counting workers in units earmarked for spinoff.

Under CEO Pat Gelsinger's leadership, the company has been investing heavily in research and development to enhance its technology and recoup its lost prominence in the semiconductor industry. This is especially crucial as rivals such as Advanced Micro Devices Inc. continue to gain market share.

Additionally, Intel has been making strategic moves to expand its footprint in the foundry business, which involves manufacturing chips for other companies. This includes hiring Naga Chandrasekaran from Micron Technology to oversee its manufacturing endeavors.

Last year, Intel conducted massive layoffs to reduce around 5% of the workforce to cut costs. The company had experienced its largest-ever quarterly loss of $2.8 billion in Q2 2023.

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