Intel has announced that it plans to cut its workforce by over 15%.
This is one of the largest layoffs in the company's history and is being made as part of a restructuring due to financial problems. The company also reported problems with the release of Meteor Lake processors, which caused a loss of $1.6 billion for the quarter. As a result, Intel plans to cut inefficient products and temporarily suspend its dividend. The company's stock dropped 19% after the Meteor Lake problems were announced.
Intel CEO Pat Gelsinger said the company plans to save $10 billion by 2025 by cutting costs. Intel said that its next-generation Panther Lake and Clearwater Forest processors are already in development.
In addition, Intel aims to cut capital expenditures by 20 percent in 2024 and reduce the cost of sales. Overall, Intel is taking steps to cut costs and improve efficiency while it faces financial challenges and product delays. Similar changes are expected by the end of 2024 and the company hopes to save a significant amount by 2025.
Intel CEO Pat Gelsinger said the company plans to save $10 billion by 2025 by cutting costs. Intel said that its next-generation Panther Lake and Clearwater Forest processors are already in development.
In addition, Intel aims to cut capital expenditures by 20 percent in 2024 and reduce the cost of sales. Overall, Intel is taking steps to cut costs and improve efficiency while it faces financial challenges and product delays. Similar changes are expected by the end of 2024 and the company hopes to save a significant amount by 2025.