Intel will cut more than 15% of its workforce, affecting over 15,000 jobs as part of a $10 billion cost-reduction plan post a $1.6 billion net loss in Q2.
CEO Pat Gelsinger expressed the difficulty of the layoffs: 'This is painful news for me to share... This is an incredibly hard day for Intel as we are making some of the most consequential changes in our company's history.'
Intel's separate financial reporting for Intel Products and Intel Foundry includes an operating loss of $2.8 billion in Q2 for Intel Foundry, leading to overhauling to enhance competitiveness.
Intel faced public scrutiny due to stability issues in its 13th- and 14th-generation desktop CPUs with an expected fix, but any resulting damage from microcode errors may be irreversible.
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