Intel Set to Lay Off Up to 20% of Its Factory Workforce
Intel laid off 15,000 workers last year and is preparing for another round of cuts next month, OregonLive reports, citing an internal memo.
Intel Foundry head Naga Chandrasekaran informed employees about the job cuts on Saturday. Approximately 15-20% of the company's factory workers are expected to be laid off in an effort to address its deteriorating financials. "These are difficult actions, but essential to meet our affordability challenges and the current financial position of the company. It drives pain to every individual," Chandrasekaran reportedly wrote in the memo.
Intel posted flat year-on-year results in its April earnings call amid stiff competition from Nvidia and AMD. New CEO Lip-Bu Tan took charge earlier that month, and rumors about a major restructuring surfaced around the same time.
Although the earlier report suggested 20% job cuts across all of Intel, the new one hints at 15-20% of the factory workforce. The chipmaker had 108,900 employees at the end of 2024. As Tom's Hardware notes, if around half of them work in factories, around 8,000 to 11,000 could lose their jobs next month.
This year's job cuts may not provide employees with the buyouts that accompanied last year's, OregonLive adds. When we reached out to Intel for comment, a company spokesperson confirmed a layoff was in the works but didn't provide any specifics.
"As we announced earlier this year, we are taking steps to become a leaner, faster, and more efficient company. Removing organizational complexity and empowering our engineers will enable us to better serve the needs of our customers and strengthen our execution," an Intel spokesperson tells PCMag.
"We are making these decisions based on careful consideration of what's needed to position our business for the future, and we will treat people with care and respect as we complete this important work," they added.
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