Intel, which once dominated the global chip market, is now continuing to cut its workforce – this time, another 23,000 are victims of cost cutting!
Intel on Saturday announced a surprising plan to lay off 23,000 workers over two years as part of a USD 10 billion cost-cutting plan, even though long-time CEO Pat Gelsinger stepped down last December.
The layoffs are expected to continue even though the company is set to appoint a new CEO, Tom Caulfield from GlobalFoundries.
Previously, 16,000 workers have been sent home. Now, Intel is no longer on a ‘strict diet’, but a ‘fasting fast’ to survive.
The next victim?
58 employees at the Folsom, California, camp by March 2025.
With shares down 60% in a year and revenue per employee falling from $700,000 (2020) to $440,000 (2023), Intel appears to be struggling to stay relevant amid the new technology boom.
Is this a bold strategy to regain market dominance, or just the remnants of a struggle before Intel falls like other failed giants?
