2024-08-02 13:54:22.AIbase.10.8k
Intel's Global Layoffs of 15,000 Shocks the Industry as Profits Plummet by Nearly 90%
Intel announced layoffs of 15,000 employees to cut costs and improve profitability. As part of its 2025 plan, the company expects significant reductions in R&D and marketing spending by 2026, with a 20% decrease in capital expenditures this year. The layoffs, representing 15% of its workforce, led to a nearly 20% drop in stock prices. CEO Pat Gelsinger acknowledged poor financial performance in Q2, with a $1.6 billion loss and only 1% revenue gro....
