Intel Corp. plans to eliminate thousands of jobs to reduce costs and fund an ambitious effort to rebound from an earnings slump and market share losses.
The workforce reduction may be announced as early as this week, according to people familiar with the company’s plans, who asked not to be identified because the information isn’t public.
Intel, which is scheduled to report second-quarter earnings Thursday, has about 110,000 employees, excluding workers at units that are being spun out.
https://www.bloomberg.com/news/articles/2024-07-30/intel-to-cut-thousands-of-jobs-to-reduce-costs-fund-turnaround
Posted by s1n0d3utscht3k
27 Comments
Intel CEO rn:
https://preview.redd.it/scnpwqsj6qfd1.jpeg?width=625&format=pjpg&auto=webp&s=226ec5bf4761cd45b8e01eadee98d5a82f32943b
Put
Isn’t that normally make stocks to bounce ? Stupid but I have seen it so many times.
Buy low sell high
What a clusterfuck of a company, a total embarrassment to the U.S. semiconductor industry.
BULLISH.
This company has no business paying a dividend. Chop it.
Intel seem to be kind of the “jack of all trades but master of none” when it comes to semi-conductors. They can’t beat Nvidia when it comes to GPUs. They can’t beat AMD when it comes to CPUs. and they can beat TSMC when to chip fabrication. Semi-conductors are just too complex an industry and things are moving too fast for any company to stay competitive in multiple areas. It’s not like with EVs where there are benefits of doing vertical integration. Outside the battery, the EV parts don’t change that much. You for the foreseeable going to need wheels, seats, steering wheel, etc. Whereas with semi-conductors you need to stay at the forefront no matter which area or part of the supply chain you are in.
Whelp! I know quite a few people that are sweating at home right about now
110,000 employees? Yeah I’ll say they should cut jobs
10k jobs is a lot!
lolz @ the whole chips act bullshit about ‘creating high paying union jobs here’
this is like intel’s 5th round of layoffs in the last 2 years.
What an Intel-ligent move! Haha
So then what was the point of the chip act?
Intel going to 40?
New low incomming. Pack it up
If you turn around enough, you’ll end up right where you started. Tons of bagholders since 2020 pumping long term great investment.
Didnt they do this like 6 months ago?
I live near the Arizona plant and its one of the largest construction projects you will ever see. We nearly sued them because they were going to install 190 foot electric towers in residential areas. They backed down and buried the lines for a extra cost of 20 million
The fact that this is coming out day before earnings, means its going to suck big time.
Whoever termed getting shitcanned “workforce reduction” needs to be taken behind the barn and taught better… we can’t even call it by its name anymore.
that time of the quarter.
you’d think they’d hire more QA staff after the high voltage degradation and oxidation issue they are having right now. but i guess according to the MBAs in charge stock buybacks and dividends are more important
as a wise man once said ‘too little, too late”
Bullish. Just bought more shares.
This is nothing new. When I was working there a decade ago, they laid off around 6000 people to bring the total down to ~100K employees. Within a year, it was back to 105K. Today, there are 110K again 🤦🏻♂️
I am Indian and know a few people that work there. The teams with Indian leads just hire Indians from their home town Like you can be under-qualified versus another candidate but if you’re from the same city or state then you can get in. There is also caste discrimination. If you’re Indian and get an Indian interviewer they will ask where you’re from to find out your caste.