Intel is cutting 15,000 jobs as part of a swathe of “significant actions to reduce costs” and save $10m in 2025.
CEO Pat Gelsinger said those 15,000 jobs represent 15 percent of its global workforce and come after the computing megacorp reported no profits from the last financial quarter.
Other cost-cutting exercises to make “Intel a leaner, simpler and more agile company” include reducing operating costs, simplifying its portfolio, eliminating complexity, reducing capital, suspending its dividend, and maintaining growth investments.
In a statement, Gelsinger pointed out that four years ago – at the height of the pandemic – Intel’s annual revenue was $24bn higher than it is today, despite its workforce swelling by 10 percent across the same period.
“This is painful news for me to share. 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,” Gelsinger said.