How many employees will Intel lay off?

Intel will lay off somewhere between 15,000 and 19,000 employees.

What is the reason behind Intel's layoffs?

ntel hopes to implement $10 billion in cost savings for 2025.

Which departments at Intel will face spending cuts?

Intel will reduce marketing and research spending substantially over the next couple of years.

What kind of work will Intel strive to stop?

Intel will strive to stop non-essential work.

How much did Intel report in losses for the previous fiscal quarter?

Intel reported losses of $1.6 billion for the previous fiscal quarter.

Which companies abandoning Intel has contributed to their losses?

Companies like Apple and Microsoft abandoning Intel in favor of chips created either in-house or by Qualcomm hasn't helped.

What has Intel failed to make significant in-roads on compared to its contemporaries?

Intel has failed to make significant in-roads on AI development compared to some of its contemporaries.

How many tech workers have been laid off before the end of summer 2024?

Tens of thousands of tech workers have already been laid off before the end of summer 2024.

Which major companies, apart from Intel, have recently slashed jobs?

Major companies like Microsoft, Google, Riot Games, and others join Intel in having recently slashed jobs.

Which sectors have been hit by the wave of layoffs?

The wave has hit several sectors, from computing to gaming and others.

Intel Plans Massive Layoffs: Over 15,000 Employees to be Affected

Intel

Intel's Workforce Reduction and Cost-Saving Measures

In a significant move, Intel has announced plans to lay off between 15,000 and 19,000 employees worldwide. This decision aims to achieve $10 billion in cost savings by 2025. The company will substantially reduce its marketing and research spending and stop "non-essential" work, although the specifics of what constitutes "non-essential" have not been detailed.

Financial Struggles and Contributing Factors

Intel reported losses of $1.6 billion in the previous fiscal quarter. Several factors have contributed to this financial downturn. Key clients like Apple and Microsoft have shifted away from Intel's chips in favor of in-house designs or Qualcomm alternatives. Additionally, Intel has lagged behind competitors in AI development, further impacting its market position.

Industry-Wide Layoffs in 2024

The tech industry has faced significant layoffs in 2024, with major companies like Microsoft, Google, and Riot Games also reducing their workforces. The layoffs have affected various sectors, from computing to gaming.

Intel's Future Plans and Market Position

Intel's drastic cost-cutting measures and layoffs are part of a broader strategy to stabilize its financials and regain market competitiveness. However, the shift away from Intel chips by major companies and the competition in AI development continue to challenge Intel's market position.

PulsePix