Intel To Slash Thousands Of Jobs To Reduce Costs

Intel Corp. plans to eliminate thousands of jobs to reduce costs and fund an ambitious effort to rebound from an earnings slump and market share losses, Mackenzie Hawkins and Jane Lanhee Lee reported for Bloomberg.

Intel has about 110,000 employees, excluding workers at units that are being spun out. I Photo: Intel

The workforce reduction may be announced as early as this week, according to people familiar with the company’s plans who asked not to be identified because the information isn’t public.

Intel, which is scheduled to report second-quarter earnings soon, has about 110,000 employees, excluding workers at units that are being spun out.

Chief Executive Officer Pat Gelsinger is spending heavily on research and development aimed at improving Intel’s technology and helping it return to prominence in the semiconductor industry.

The company’s once-dominant position eroded under Gelsinger’s predecessors as rivals, such as Advanced Micro Devices Inc. (AMD), have caught up and taken market share. Intel shares rose about 2% in premarket trading, after closing at $30.13, Ian King also reported for Bloomberg.