Intel is planning significant layoffs, affecting 15 to 20 percent of its fabrication plant staff, citing financial challenges. This decision comes as the company aims to streamline operations following changes in leadership and a disappointing financial report. Naga Chandrasekaran, an executive at Intel, emphasized that these cuts are essential for addressing affordability and strengthening the company’s future position. While facing cuts reminiscent of the staff reductions last year, Intel might benefit from increased tax credits anticipated in a draft bill before the Senate, potentially aiding its foundry business moving forward.
Intel plans to cut 15-20% of its fabrication plant staff due to financial pressures, despite potential benefits from increased tax credits in a new Senate bill.
"These are difficult actions but essential to meet our affordability challenges and current financial position of the company. It drives pain to every individual," said Naga Chandrasekaran.
The company indicated that reducing organizational complexity and empowering its engineers is aimed at better serving customer needs and strengthening execution.
Early reports suggested workforce cuts of up to 20% following Lip-Bu Tan's appointment as CEO, aimed at reversing Intel's mounting losses in the foundry business.
Collection
[
|
...
]