Intel may cut thousands of jobs to raise funds to recover sagging revenue and market share
Intel is reportedly considering cutting thousands of jobs by August 4, 2024, to raise funds to cut costs and recover sagging revenue and market share.
Intel (INTC) to Cut Thousands of Jobs to Reduce Costs, Fund Turnaround - Bloomberg
Intel plans to cut thousands of jobs to financial recovery, Bloomberg News reports | Reuters
Intel will cut 'thousands' more jobs, Bloomberg reports
https://www.oregonlive.com/silicon-forest/2024/07/intel-will-cut-thousands-more-jobs-bloomberg-reports.html
Intel's revenue, which is engaged in fierce competition with competitors in the data center and PC chip market, has been declining year by year, with Intel's sales reported to have fallen 20% in 2022 and a further 14% in 2023. Nevertheless, Intel is building new factories in Ohio, Arizona, and Germany, and is planning to improve its competitiveness in the semiconductor field. It has also been reported that the company is focusing on investing in advanced chip technology and expanding its business into new markets.
Intel is reducing its workforce from 131,900 in 2022 to 124,800 by the end of 2023 in order to cut costs. According to Intel, this plan is expected to reduce costs by $8 billion to $10 billion per year by 2025.
In addition, Intel is reportedly considering cutting thousands of jobs during the week of July 29 to August 4, 2024, in order to secure funds to restore sluggish revenue and market share.
According to foreign media Bloomberg, this report caused Intel's stock price to rise by 1% on July 30, 2024.
Intel has not commented on the report.
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