Intel confirms employment decrease, trims year-end projection amid demand downturn
- Intel will lay off staff to save billions of dollars.
- Intel’s layoff news follows Bloomberg’s story earlier this month that Intel Corp. was planning thousands of job cuts.
- The corporation revealed ambitions to slash $3 billion in costs next year in its third-quarter earnings. Intel CEO Pat Gelsinger told Reuters “human costs” will reduce that.
- “We are anticipating for the economic uncertainties to endure beyond 2023,” CEO Pat Gelsinger told analysts on a conference call. David Zinsner, Intel’s CFO, predicted a global slump.
- He claimed Intel was cutting certain manufacturing labour hours. The corporation wants to save $8-10 billion a year by 2025.