Intel will be cutting its workforce to reduce costs. The chipset maker did not disclose the exact number of jobs affected. However, it revealed that the layoffs will take place across the board.
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The company cited the need to accelerate its strategy in a challenging macroeconomic environment while still investing in areas core to its business, such as its U.S.-based manufacturing operations, to ensure long-term growth.
A statement provided to Business Today said, “Intel is working to accelerate its strategy while navigating a challenging macro-economic environment. We are focused on identifying cost reductions and efficiency gains through multiple initiatives, including some business and function-specific workforce reductions in areas across the company. We continue to invest in areas core to our business to ensure we are well-positioned for long-term growth. These are difficult decisions, and we are committed to treating impacted employees with dignity and respect.”
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Intel reported its largest quarterly loss in the company’s history last month due to a slump in personal computer sales, with a net loss of $2.8 billion in the first quarter of the year and revenue down by 36% YoY. Despite the loss, the company still paid out $1.5 billion in dividends.
Last year, in October, a Wall Street Journal report claimed that Intel had cut employee and executive pay, indicating that Intel planned to reduce costs by $3 billion in 2023 through targeted job cuts.
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The tech industry continues to experience a wave of layoffs, and Intel is the latest to join the trend, as companies try to navigate the current economic climate. LinkedIn also joined the long list of tech companies firing employees. The Microsoft-owned company recently laid off over 700 employees and even plans to shutter its China-focused job search application
