Intel reportedly intends to dismiss approximately 20% of its workforce.
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Breaking: Intel to Make Major Staff Cuts
It looks like Intel is about to undergo a significant reshuffle, according to recent reports. The tech giant has been navigating efforts to streamline management and overhaul its engineering culture, which is presumed to result in staff cuts. This marks the first major overhaul under the helm of new CEO Lip-Bu Tan, who took the reins in March.
While the exact number of staff reductions isn't official yet, whispers and speculation suggest significant downsizing. If the rumors come true, it could mean a whopping 20,000 lost jobs, given that Intel had around 108,900 employees at the end of 2024[1][2][3]. But remember, it's all speculation till Intel confirms the details.
Last year, Intel saw about 15,000 employees exit the company following layoffs[1]. An Intel spokesperson has declined to comment, keeping everyone guessing about the forthcoming changes.
The anticipated staff reductions align with Intel's broader objective to streamline its operations and cut costs, aiming to slash operating expenses by $1.5 billion over two years[1][4].
The news of the potential staff cuts has sent Intel's stocks soaring. As of 09:45 ET, shares of the chipmaker were trading on the Nasdaq at $20.7 (+6.1%), briefly hitting $20.86.
Keep an eye on this developing story, and stay tuned to our Telegram channel @expert_mag for the latest updates!
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[1] Intel Expected to Lay Off Up To 20% of Its Workforce: Report, Bloomberg[2] Intel to Further Optimize Management, Restructure Engineering Culture, The Verge[3] Intel’s New CEO Lip-Bu Tan Promises a Radical Overhaul, CNET[4] Intel's New CEO Aims to Cut Operating Expenses by $1.5 Billion Over Two Years, TechCrunch
- The revelation by Bloomberg suggests that Intel, in 2024, is planning to implement layoffs as part of an promised radical overhaul under the leadership of CEO Lip-Bu Tan.
- The anticipated Intel layoffs are estimated to affect around 20,000 employees, according to rumors circulating in the finance and business sectors.
- In 2023, Intel experienced significant staff reductions with approximately 15,000 employees leaving the company due to layoffs.
- The potential Intel layoffs appear to be strategically aligned with the company's objective to cut costs and streamline operations in technology and other business sectors.
