Intel, under the leadership of new CEO Lip-Bu Tan, is preparing to lay off over 21,000 employees, which accounts for around 20% of its workforce. This decision follows previous layoffs in 2024 and comes at a challenging time for the company, which has seen its stock price fall by 67% over the past five years. Tan's strategy involves streamlining management and shifting focus to core engineering efforts. Recently, Intel also divested a majority stake in its Altera semiconductor business to further adapt to market conditions.
Intel is set to cut over 21,000 people, or roughly 20% of its workforce, with an announcement due this week, according to a Bloomberg report.
With the layoffs, Tan aims to 'streamline management and rebuild an engineering-driven culture,' according to Bloomberg.
Over the past five years, the company's stock has dipped around 67%. Since assuming the role of CEO toward the end of 2024, Tan has moved to spin divisions of Intel into 'non-core' units.
Earlier this month, Intel sold 51% of its Altera semiconductor business to private equity firm Silver Lake.
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