Intel is reportedly set to announce layoffs of over 20% of its workforce, aiming to cut tens of thousands of jobs to streamline management and promote an engineering-driven culture. This decision follows previous layoffs announced last August and marks a significant restructuring step under new CEO Lip-Bu Tan. The company, which has faced declining sales and challenges in adapting to the AI shift, plans to sell non-core assets, including a recent deal to divest a majority stake in chipmaker Altera for $4.46 billion, expected to close this year.
Intel is reportedly preparing to further reduce its headcount, this time by laying off more than 20 percent of its employees.
According to a source, the aim of the downsizing is to streamline management operations and refocus Intel with an engineering-driven culture.
The company is set to report its quarterly earnings results on Thursday. Companies that are restructuring often announce layoffs around the time they release earnings reports.
Last week, it emerged that Intel is selling off a majority stake in chipmaker Altera for $4.46 billion.
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