Intel will cut over 33,000 jobs, reducing its workforce from 108,900 to 75,000 employees. This follows previous layoffs of about 21,000 roles earlier in the year. Intel reported a sixth consecutive quarterly loss of $2.9 billion due to restructuring costs linked to these job cuts. CEO Lip-Bu Tan aims to increase accountability and reduce inefficiencies within the company. Under his leadership, Intel seeks to recover from three years of declining revenue while facing heightened competition in the chip market.
At the end of 2024, Intel plans to cut over 33,000 jobs, reducing its workforce to 75,000 employees as part of a strategy to combat persistent losses.
Intel has reported a sixth consecutive quarterly loss of $2.9 billion, primarily due to restructuring costs associated with substantial job cuts.
CEO Lip-Bu Tan emphasized that the goal of the layoffs is to reduce inefficiencies and redundancies while increasing accountability across the organization.
Tan's leadership aims to turn around Intel after three years of declining revenue and amid increasing competition from firms like Nvidia.
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