Intel has announced a substantial reduction in its global workforce.
The computing giant will lay off somewhere between 15,000 and 19,000 employees, according to The Verge. Intel hopes to implement $10 billion in cost savings for 2025, and will reduce marketing and research spending substantially over the next couple of years. It will also strive to stop “non-essential” work, but didn’t elaborate on what that meant.
Intel reported losses of $1.6 billion for the previous fiscal quarter. There are many factors contributing to this, but companies like Apple and Microsoft abandoning Intel in favor of chips created either in-house or by Qualcomm hasn’t helped. Intel has also failed to make significant in-roads on AI development compared to some of its contemporaries.
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Tens of thousands of tech workers have already been laid off before the end of summer 2024. Major companies like Microsoft, Google, Riot Games, and others join Intel in having recently slashed jobs. The wave has hit several sectors, from computing to gaming and others.
Fingers crossed this is the last story like this that we see for a while.
