Intel announces job cuts of 15,000 employees to save $10 billion

Tech layoffs: Intel announces job cuts of 15,000 employees to save $10 billion by 2025 Intel has announced a significant reduction in its workforce, planning to cut around 15,000 jobs. This decision is part of a larger strategy to save $10 billion by 2025. The company confirmed these layoffs in its Q2 2024 earnings report, stating that over 15 per cent of its workforce will be affected, with most cuts happening by the end of 2024. Intel's CEO, Pat Gelsinger, explained the reasons behind this move. The company needs to align its costs with its new operating model. Despite the growing importance of trends like AI, Intel's revenues haven't increased as expected, and its costs are too high, leading to low profit margins. Gelsinger pointed out that Intel's financial performance in the second half of 2024 looks tougher than expected. In 2023, Intel's chip-making division lost $7 billion while generating $18.9 billion in revenue. This is part of the reason why Intel needs to take bold actions to improve its financial situation. Â [Read more](/dHJpc3RyYW1iYWxkd2luODVAZ21haWwuY29t/aHR0cHMlM0ElMkYlMkZ3d3cuYnVzaW5lc3N0b2RheS5pbiUyRnN0b3J5JTJGaW50ZWwtYW5ub3VuY2VzLW1ham9yLXdvcmtmb3JjZS1yZWR1Y3Rpb24tb2YtMTUwMDAtam9icy10by1zYXZlLTEwLWJpbGxpb24tYnktMjAyNS00Mzk4MDYtMjAyNC0wOC0wMg==) Â In order to unsubscribe from this mailing list, please click, please Click [here](/dHJpc3RyYW1iYWxkd2luODVAZ21haWwuY29t)