Innovabble Posted July 31 Share Posted July 31 Intel Corporation is set to lay off thousands of employees in a major restructuring to cut costs and fuel technological advancements. The chip giant is facing declining earnings and market share, prompting a strategic overhaul to regain its competitive edge in the semiconductor industry. The impending layoffs, which are expected to be announced soon, will impact various divisions, including sales and marketing. This workforce reduction follows a previous cut of approximately 5% of Intel’s workforce in 2023. Intel currently employs around 110,000 people, excluding spin-off units. Intel, a leading player in the semiconductor industry, has faced challenges in recent years. The company has been grappling with fluctuating demand for its primary products, such as chips for laptops and desktop computers, and increased competition from rivals like Advanced Micro Devices (AMD) and Nvidia. With Pat Gelsinger at the helm, Intel has embarked on a mission to revitalize its technological capabilities and expand its market presence. Simultaneously, Intel is investing in research and development to drive innovation. Intel aims to bolster its technological edge and reclaim its industry leadership by constructing new manufacturing facilities and expanding its foundry operations. To lead these efforts, Intel appointed Naga Chandrasekaran from Micron Technology to oversee manufacturing operations. By reallocating funds from job reductions to technology and production, Intel seeks to reclaim its industry leadership. While cost cuts are essential, the success of this restructuring depends on translating increased R&D spending into innovative products. Intel’s ability to regain market share and compete effectively hinges on executing this strategic shift. As the company seeks to streamline operations and invest in research and development, is this drastic measure the right path forward? Will these layoffs ultimately position Intel for long-term success or hinder its ability to compete in the rapidly evolving semiconductor market? https://www.firstpost.com/tech/intel-to-lay-off-thousands-to-reduce-costs-focus-on-research-development-and-new-plants-13799057.html https://www.pcgamer.com/hardware/processors/after-cutting-5-of-its-workforce-in-2023-reports-say-intel-is-planning-to-lay-off-thousands-more-workers/ https://www.bloomberg.com/news/articles/2024-07-30/intel-to-cut-thousands-of-jobs-to-reduce-costs-fund-turnaround Image: FPCreativeStock | Dreamstime.com Quote Link to comment Share on other sites More sharing options...
Recommended Posts