After suffering a loss of $1.6 billion in the April-June period, American semiconductor manufacturer Intel plans to let go 15,000 employees. This is a significant decline from their profit of $1.5 billion during the same time frame one year ago.

CEO Pat Gelsinger announced that the company aims to achieve $10 billion in cost savings by 2025.

In a blog post Pat Gelsinger wrote,"We plan to deliver $10 billion in cost savings in 2025, and this includes reducing our head count by roughly 15,000 roles, or 15% of our workforce. The majority of these actions will be completed by the end of this year."

He also added,"Sharing this news is difficult for me, and I know it will be even tougher for you to receive. Today marks a tremendously challenging moment for Intel as we implement some of the most significant transformations in our company's history."

Next week, Intel is expected to unveil an improved retirement package for qualified staff and present a voluntary departure application program.

According to him, the company's revenue did not meet their expectations due to excessive costs and insufficient margins.

As the company navigates these changes, Gelsinger emphasized the significance of embracing a culture that prioritizes integrity, openness and mutual regard.

He added that, it was stated that bolder actions are needed to address both issues, especially in light of the financial results and outlook for the second half of 2024, which are tougher than previously anticipated.

In the upcoming week, Intel intends to introduce an upgraded retirement package for suitable personnel and propose a voluntary departure scheme.

Gelsinger asserted that executing these modifications in accordance with Intel's principles is crucial, underscoring: "I think it's essential to pay attention not only to what we're changing but also how we're making those changes."

After suffering a loss of $1.6 billion in the April-June period, American semiconductor manufacturer Intel plans to let go 15,000 employees. This is a significant decline from their profit of $1.5 billion during the same time frame one year ago.

CEO Pat Gelsinger announced that the company aims to achieve $10 billion in cost savings by 2025.

In a blog post Pat Gelsinger wrote,"We plan to deliver $10 billion in cost savings in 2025, and this includes reducing our head count by roughly 15,000 roles, or 15% of our workforce. The majority of these actions will be completed by the end of this year."

He also added,"Sharing this news is difficult for me, and I know it will be even tougher for you to receive. Today marks a tremendously challenging moment for Intel as we implement some of the most significant transformations in our company's history."

Next week, Intel is expected to unveil an improved retirement package for qualified staff and present a voluntary departure application program.

According to him, the company's revenue did not meet their expectations due to excessive costs and insufficient margins.

As the company navigates these changes, Gelsinger emphasized the significance of embracing a culture that prioritizes integrity, openness and mutual regard.

He added that, it was stated that bolder actions are needed to address both issues, especially in light of the financial results and outlook for the second half of 2024, which are tougher than previously anticipated.

In the upcoming week, Intel intends to introduce an upgraded retirement package for suitable personnel and propose a voluntary departure scheme.

Gelsinger asserted that executing these modifications in accordance with Intel's principles is crucial, underscoring: "I think it's essential to pay attention not only to what we're changing but also how we're making those changes."