Intel layoffs are coming in Q4 as it cuts billions in spending
by Mitchell Clark from The Verge - All Posts on (#656QV)
Illustration by Alex Castro / The Verge Intel has confirmed that it will lay off workers soon as part of its plan to cut billions of dollars in spending. The announcement comes after reports that Intel is planning on cutting thousands of jobs.
As part of its Q3 earnings, the company announced plans to cut around $3 billion in costs over the course of next year, and CEO Pat Gelsinger told Reuters that part of that would come from people costs." He also confirmed the job cuts to Bloomberg and added that the company was reducing factory work hours for some employees. By the end of 2025, the company hopes to have cut its costs by $8 to $10 billion a year.
Intel is faced with an industry-wide shift in semiconductor availability as the pandemic shortages give way to overproduction...