Intel will cut 15% of the company's employees as part of a restructuring plan, Kommersant writes.
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As a result, about 15 thousand people may be left without work. Intel CEO Pat Gelsinger announced plans to reduce staff in a letter to employees. He noted that the measure will save $10 billion in 2025. In addition, Intel will suspend the payment of quarterly dividends in the fourth quarter.
According to the CEO, the analysis showed Intel's lack of competitiveness. He noted that in 2020 the company's revenue was $24 billion more than in 2023, but now there are 10% more employees.
The decision was made against the background of the publication of the report for the second quarter. Intel reported a loss, lower revenue and lower-than-expected third-quarter guidance. The company's shares fell by 19% after information about the reduction appeared. Intel is losing about $24 billion in market value.
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