Intel to cut 15% or more than 15,000 jobs. Receives $8.5 billion from the US government to rebuild chipmaking operations. Revenues down by 1% in second quarter.
CEO Pat Gelsinger acknowledges impact on Intel family, calls decisions hard but necessary. Job cuts to focus on sales, marketing, and administrative roles as part of cost-cutting plan.
Analyst Patrick Moorhead views layoffs positively if targeted. Intel aims to refocus on foundry business and enhance manufacturing methods. Company on track for accelerated chip production goals by 2030.
Intel's received $8.5 billion is the largest grant under the CHIPS Act, part of the 2022 legislation. Aims to reshore chip manufacturing and invest in research and workforce.
Collection
[
|
...
]