02/08/2024 – 7:51
Intel Corp. plans to lay off thousands of employees this year and pause dividend payments as part of a broad cost-cutting initiative, it disclosed Thursday, Aug. 1, in its quarterly results and earnings conference call.
CEO Pat Gelsinger laid out a plan to cut costs by more than $10 billion next year as the chipmaker reported second-quarter sales of $12.8 billion, down 1% and below analysts’ forecasts in a FactSet survey.
Achieving that cost-cutting target will require job cuts and reduced capital expenditures, among other measures, the company said.
Intel has struggled to gain a foothold in the artificial intelligence chip market. Intel will lay off about 15,000 people, most of them by the end of this year, Gelsinger said on the video conference call.
The company currently has around 116,500 employees. Source: Dow Jones Newswires
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