Intel Cuts Workforce Amid Major Restructuring Plans

Published 4 hours agoINTC

Intel Cuts Workforce Amid Major Restructuring Plans

Intel is undertaking a significant restructuring effort by reducing its workforce by over 20%, as announced recently. This strategic move impacts tens of thousands of employees and aims to simplify the organizational structure, according to multiple reports.

The layoffs are a part of Intel's broader strategy to curtail $10 billion in costs and streamline management operations. According to sources such as Insider Monkey, these actions are deemed essential for Intel to regain its competitive edge in the tech industry, particularly following financial challenges faced in 2024, including a $19 billion loss and declining revenues.

Under CEO Lip-Bu Tan, Intel is emphasizing an engineering-driven approach to bolster its innovation capability and decision-making processes. The company is also continuing its IDM 2.0 strategy to enhance its core strengths and seeks to become a leading foundry player by 2030. The focus on engineering and cost-cutting measures marks a pivotal shift in Intel's ongoing strategy to restore financial stability and competitiveness.

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