Intel Corp. reported $12.9 billion in revenue for the second quarter, matching year-over-year figures but incurring a $2.9 billion loss. This reflects an increase from a $1.6 billion loss last year. The company plans to lay off 15% of its workforce, with a goal of reducing employees to 75,000 by 2025. CEO Lip-Bu Tan stated that Intel's foundry operations would be restructured to avoid previous overinvestment. Several projects, including operations in Germany and Poland, will be canceled, and construction in Ohio will be slowed down.
Intel reported a $2.9 billion loss in Q2, increasing from last year’s $1.6 billion loss, while revenue matched year-over-year at $12.9 billion.
CEO Lip-Bu Tan announced layoffs of about 15% of Intel's workforce, reducing employee count to around 75,000 by 2025 after previous layoffs.
The foundry business is being restructured due to overinvestment with inadequate demand; Tan emphasized the need for a systematic and customer-aligned growth approach.
Intel will abandon projects in Germany and Poland, and integrate operations from Costa Rica into Vietnam and Malaysia, while slowing factory construction in Ohio.
Collection
[
|
...
]