Published in PC Hardware

Intel plans more layoffs

by on09 May 2023

Revenues continue to fall

Intel plans a fresh wave of layoffs in the wake of a steep decline in revenue over the last six months and is blaming a weak global economy for its problems.

In a statement, Chipzilla said that it was focused on identifying cost reductions and efficiency gains through multiple initiatives, including some business and function-specific workforce reductions in areas across the company.

"These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Intel said.

Intel has not said who will be leaving the company with their personal belongings in an old box of photocopy paper or how these layoffs compare to a prior round of job cuts that ended last winter.

Intel laid off more than 500 employees in California in job cuts announced last fall, according to filings there with state workforce agencies.

Last month, Intel reported its largest quarterly loss amid a slump in personal computer sales. First-quarter net loss was $2.8 billion and revenue was down 36 per cent year-over-year.

Despite the loss and following staff cuts, Chipzilla paid out $1.5 billion in dividends to keep its shareholders happy.


Last modified on 09 May 2023
Rate this item
(0 votes)

Read more about: