Intel could be set to announce more major job cuts, with thousands of workers potentially hit
Intel could lay off thousands of workers
When you purchase through links on our site, we may earn an affiliate commission.Here’s how it works.
Intelis reportedly preparing to cut thousands of jobs in an effort to reduce costs and tackle poor revenue predictions and decreased market share.
ABloombergreport claims the layoffs could be announced within days, according to sources familiar with the plan cited by the publication.
Intel, which has approximately 110,000 employees, is set to report its most recent quarterly earnings tomorrow. Last quarter, the company drew in $12.7 billion in revenue, up 9% year-over-year, but that same growth is not expected to continue.
Intel may lay off more workers
Under the leadership of CEO Pat Gelsinger, Intel has been heavily investing in R&D to enhance its technology, in a bid to regain lost market share in the semiconductor industry, where it has faced increased pressure from the likes ofAMDandNvidiain recent years.
Intel recently hired Naga Chandrasekaran from Micron Technology to oversee the company’s manufacturing efforts, indicating significant focus in that department.
Intel has an estimated market cap of $128.26 billion, only a touch higher than half of AMD’s, at $223.76 billion. Nvidia, with the help of rapidly accelerated interest in AI, now stands as the world’s third-most valuable company, with a market cap of $2.551 trillion.
Analysts are now expecting that Intel will report fairly flat second-quarter revenue compared with the previous year, with some growth anticipated later in the year. The company hopes for its first annual revenue increase since 2021 when it reports its full fiscal year results in around six months time.
Are you a pro? Subscribe to our newsletter
Sign up to the TechRadar Pro newsletter to get all the top news, opinion, features and guidance your business needs to succeed!
If the layoffs go ahead, they could be the first of this scale for the company in more than a year. While tech layoffs have slowed down globally compared with 2023,layoffs.fyihas still tracked nearly 110,000 this year to date.
Intel declined to comment.
More from TechRadar Pro
With several years’ experience freelancing in tech and automotive circles, Craig’s specific interests lie in technology that is designed to better our lives, including AI and ML, productivity aids, and smart fitness. He is also passionate about cars and the decarbonisation of personal transportation. As an avid bargain-hunter, you can be sure that any deal Craig finds is top value!
New fanless cooling technology enhances energy efficiency for AI workloads by achieving a 90% reduction in cooling power consumption
Samsung plans record-breaking 400-layer NAND chip that could be key to breaking 200TB barrier for ultra large capacity AI hyperscaler SSDs
Anker Nebula Mars 3 review: A powerful and truly portable projector
