Tech company, Intel, is laying off 15% of its staff after an income loss of 1%, compared to a year ago, totaling $1.6 billion.
At one point, Intel was one of the world’s most dominant chipmaker, but has steadily been dropping off in recent years.
Pat Gelsinger wrote in a memo, “Simply put, we must align our cost structure with our new operating model and fundamentally change the way we operate…Our revenues have not grown as expected – and we’ve yet to fully benefit from powerful trends, like AI. Our costs are too high, our margins are too low.”
The company is planning to cut 15,000 jobs, reduce operating expenses and spend billions of dollars less by 2025.
By - FZ
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