Intel Corporation plans to reduce its workforce by 22%, from 96,400 employees to 75,000 by the end of 2025. This decision is part of a broader restructuring effort led by new CEO Lip-Bu Tan. The company reported mixed Q2 results, showing revenue of $12.9 billion but experiencing a net loss of $2.9 billion, nearly twice last year’s loss. Looking ahead, Intel anticipates third-quarter losses that exceed Wall Street expectations, indicating ongoing financial challenges as restructuring efforts manifest.
Intel plans to cut its workforce by 22%, reducing employees from 96,400 to 75,000 by the end of 2025. CEO Lip-Bu Tan aims to implement significant changes for better cost management.
Tan emphasized a change in operational philosophy, stating, 'There are no more blank checks. Every investment must make economic sense.' The strategy includes building products that meet customer needs.
The company reported a mixed performance in Q2 with revenue of $12.9 billion, flat year-over-year, but a net loss of $2.9 billion, which is nearly double last year's loss.
For Q3, Intel is forecasting losses that exceed Wall Street expectations, with estimated losses of 24 cents per share, surpassing the 18 cents per share estimates.
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