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Intel is ready to chop over 21,000 folks, or roughly 20% of its workforce, with an announcement due this week, in response to a Bloomberg report.
The information comes forward of Intel’s Q1 earnings name helmed by lately appointed CEO Lip-Bu Tan, who changed longtime chief Pat Gelsinger final yr.
With the layoffs, Tan goals to “streamline administration and rebuild an engineering-driven tradition,” in response to Bloomberg. The corporate had round 108,900 staff on the finish of final yr after it introduced 15,000 job cuts in August 2024.
Intel has been struggling for fairly a while; over the previous 5 years, the corporate’s inventory has dipped round 67%. Since assuming the function of CEO towards the tip of 2024, Tan has moved to spin divisions of Intel into “non-core” models. Earlier this month, Intel bought 51% of its Altera semiconductor enterprise to non-public fairness agency Silver Lake.
Intel didn’t instantly reply to a request for remark.
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