Intel Corporation is reportedly planning to lay off thousands of employees as part of a cost-cutting strategy to revive its business. The chip giant has faced challenges in recent years, including losing market share to competitors and struggling to meet rising demand for AI chips.
To finance its recovery efforts, Intel aims to significantly reduce its workforce. The move comes after the company announced a cost-cutting plan in October 2022 that resulted in job cuts and reduced expenses.
Pat Gelsinger, Intel’s CEO, is leading a turnaround strategy focused on improving manufacturing capabilities, investing in advanced chip technologies, and expanding into new markets. The company is also eyeing the foundry business, where it will manufacture chips for other companies.
Intel’s financial performance has been under pressure, with analysts predicting flat revenue for the second quarter of 2024. The company’s stock price has fallen by 40% this year, reflecting investor concerns about its future.
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The chip maker hopes the Biden administration’s push to boost domestic chip manufacturing. It will benefited for business and help it regain its competitive edge.
