Intel to Cut Thousands of Jobs as It Seeks Cost Savings and Technology Upgrades Amid Falling Profits
Intel Corp. is set to announce significant job cuts as part of a strategy to reduce costs and invest in technological advancements. The company, which employs approximately 110,000 people, aims to bolster its research and development efforts under CEO Pat Gelsinger to reclaim its position in the semiconductor industry, facing intense competition from Advanced Micro Devices Inc. and Nvidia Corp.
The planned reductions come as Intel struggles with declining profits and fluctuating demand for its core products, including chips for laptops and desktops. Intel’s stock rose by about 1 percent following the news. The company also plans to build new semiconductor manufacturing facilities and recently appointed Naga Chandrasekaran to oversee these operations.
In 2023, Intel reduced its workforce by about 5 percent and aims to save up to $10 billion by 2025 through various cost-cutting measures. Analysts forecast flat revenue for the second quarter but expect modest growth in the latter half of 2024, marking the first annual revenue increase since 2021.
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