look news india
Intel Layoffs: American chip maker Intel announced on Thursday that it will cut 15 percent of its workforce to streamline its operations. According to reports, Intel currently employs around 1,24,000 people. According to the company's announcement, around 18,000 employees may be laid off.
The company said that
Intel plans to cut costs by about $20 billion this year. The company lost about $1.6 billion in the recent quarter. The company's CEO Pat Gelsinger issued a statement saying, 'Although our performance in the second quarter was quite weak, we made achievements in key products and technologies. The trends in the second half are more challenging than we had previously expected. Chief Financial Officer David Zinsner said, 'By reducing our costs, we are taking active steps to improve our profitability and strengthen our balance sheet.'
It also imposed restrictions on its investments in Israel.
Hurt by the losses, Intel announced in June that it was also halting the expansion of a major factory project in Israel. The company had been planning to invest an additional $15 billion for a chip plant in Israel. Intel faces stiff challenges from its rivals Nvidia, AMD and Qualcomm. For decades, Intel has dominated the market for chips used in everything from laptops to data centers, but in recent years companies such as Nvidia have moved into the AI field.
