Big tech companies aren’t off to a head start for 2023. The entire economy, the war in Ukraine, lingering pandemic-related issues, and inflation have affected many of the world’s largest companies, including Meta. (opens in new tab) and the alphabet (opens in new tab) In particular, revenue has been hit hard. Sadly for those involved, that means downsizing. Intel is the latest company to announce a new wave of layoffs.
Just a few weeks ago, Intel announced a series of disappointing financial results. (opens in new tab)A loss of $2.8 billion was the largest loss in the company’s history. Add to this, with overall earnings down by a whopping 36% from his, it’s no wonder Intel is looking to tighten its purse strings.
Rumors began to surface last week with Semi Analysis’s Dylan Patel. Tweet (opens in new tab) About drastic budget cuts and personnel cuts.Although unconfirmed at the time, Intel has since issued a statement tom’s hardware (opens in new tab)are:
“Intel is working to accelerate its strategy while navigating a challenging macroeconomic environment. is focused on identifying cost savings and efficiency gains through its initiatives.
“We will continue to invest in core areas of our business, including our U.S.-based manufacturing operations, to ensure we are well-positioned for long-term growth. and is committed to treating affected employees with dignity and respect.”
Very Disappointing News, Massive Headcount Cuts at Intel! Intel’s Data Center and Client Computing Groups are Under Budget Cuts of Up to 10% It’s up to the Department to Decide How to Cut Given fixed costs, this means a headcount reduction of as much as 20% for the group LTD (process nodes) will not be impacted $INTCMay 7, 2023
This is a polite way of expressing that there is pain along the way. Cutting his double-digit percentage of the budget isn’t easy. Especially in capital heavy industry, where Intel participates. Money is already being spent on products and manufacturing that take years to see the light of day.
Hopefully every staff member leaving is given a watch and not asked to hand over a pass. Some naturally retiring staff are likely not to be replaced, somewhat softening the shock to employees.
But we PC gamers have good news. Intel Continues Investment in Product Portfolio and 14th Generation Meteor Lake CPU Family (opens in new tab) We are well on our way as are future generation CPUs.Its process roadmap and goal to compete and beat TSMC (opens in new tab) According to Intel CEO Pat Gelsinger,
Intel remains committed to US-based manufacturing, partly because of the passage of the CHIPS Act. (opens in new tab)aims to bring high-tech manufacturing back to the United States and disrupt the growth potential of Asia-based manufacturing.
As long as the global economy continues to struggle, jobs will continue to be at stake. His outlook for the PC industry in the second quarter doesn’t look particularly good either, but at least Intel is taking steps to weather the storm.
