Bad news for employees of this company as it plans to lay off over 24000 workers due to…, not TCS, Infosys, Apple, Amazon, Google, Microsoft, it is…
Now, Intel, one of the world's largest chipmaking companies, plans to lay off around 24,000 employees this year. Yes, you heard it right. According to the TimesOfIndia report, Intel will lay off roughly 24000 employees this year, which is about 1/4 of the employees of Intel.
The new CEO, Lip-Bu Tan, is making significant changes in order to cut costs and improve the company. As part of that process, Intel has also scrapped plans to expand into Germany and Poland.
The semiconductor titan employed 99,500 core workers at the end of 2024. But now, it plans to drop that number to only 75,000 total employees by the end of 2025. CEO Lip-Bu Tan called these cuts 'hard but necessary decisions' in a memo shared with the company's employees on Thursday.
In the memo on July 24, 2025, Tan stated in the memo,' I know the past few months have not been easy. We are making hard but necessary decisions to streamline the organization, drive greater efficiency and increase accountability at every level of the company.' The job cuts include layoffs already in the second quarter, in which Intel removed about half of its layers, and was a restructuring with a $1.9 billion in total costs.
While writing to the employees, Tan stated, 'There are no more blank checks. Every investment must make economic sense.' The company reported a net loss of USD 2.9 billion, which included restructuring-related costs associated with the most recent layoff. Revenue for the quarter was flat USD 12.9 billion, still above the expectations of the market. This marks the longest period of time in 35 years that the company has lost money, with six quarters in a row. Even after the company generated more money than Wall Street was anticipating, Intel continues to fall further behind competitors in the rapidly growing AI business, especially Nvidia and AMD.
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