Intel is set to lay off thousands of employees as part of its strategy to regain market dominance and finance its recovery efforts.
According to Bloomberg, this move aims to help Intel address its recent struggles and improve its financial position.
The announcement of these layoffs is expected this week, though it has not yet been officially confirmed.
Intel currently employs about 110,000 people, including those in units that have not yet been established.
The layoffs could impact Intel’s significant engineering and design center in India,
which employs 13,000 people across its Bangalore and Hyderabad offices.
Previous Layoffs and Future Plans
This will not be the first round of layoffs for Intel. In 2023, the company reduced its workforce by 5% as part of a broader cost-cutting measure intended to save $1 billion by 2025.
Despite the recent news, Intel’s stock saw a slight increase of about 1% following the announcement.
Intel CEO Pat Gelsinger is focused on investing heavily in research and development (R&D) to enhance the company’s technology and regain its leadership in the chip market.
Previously a dominant force, Intel has faced increased competition from Advanced Micro Devices (AMD) and Nvidia.
Gelsinger also plans to establish a new factory for semiconductor production, aiming to support other chip manufacturers and bolster Intel’s market position.
