Intel to Slash Thousands of Jobs in Latest Wave of Layoffs
The tech industry can be a harsh environment sometimes, especially if you’re on of the many who’ve been subjected to massive workforce reductions. With that in mind, Intel recently confirmed that it will terminate around 15,000 roles, a move mentioned in the company’s Q2 2024 earnings report.
This was likewise made known to employees via a note from company CEO Pat Gelsinger. Part of his statement reads:
We plan to deliver $10 billion in cost savings in 2025, and this includes reducing our head count by roughly 15,000 roles, or 15% of our workforce. The majority of these actions will be completed by the end of this year.
This is painful news for me to share. I know it will be even more difficult for you to read. This is an incredibly hard day for Intel as we are making some of the most consequential changes in our company’s history…
Gelsinger further referenced high costs and low margins, which factored into the decision to axe several thousand jobs. He adds that Intel will announce a “companywide enhanced retirement offering” for eligible employees, in addition to an application program for voluntary departures.
The post-pandemic world has led to many companies reducing their workforce significantly in efforts to recuperate losses. This has affected big names including Google, EA and Blizzard, all of which announced massive job cuts earlier this year.
Source: IGN