Intel will cut over 15,000 jobs in a sweeping cost-cutting effort

ASSOCIATED PRESS

The company's Q2 net loss was $1.6 billion.

In a crushing quarterly update, Intel disclosed that it will cut more than 15 percent of its workforce. The layoffs, which could impact over 15,000 jobs, are part of the company's $10 billion cost-reduction plan to recover financial stability. Intel posted a second-quarter net loss of $1.6 billion, plunging from the net income of $1.5 billion it reported in the same period of 2023.

CEO Pat Gelsinger addressed employees with a memo acknowledging the scope of today's announcements. "This is painful news for me to share," he said. "I know it will be even more difficult for you to read. This is an incredibly hard day for Intel as we are making some of the most consequential changes in our company’s history."

By Anna Washenko
Full story at Engadget.