News: Intel downsizing after reporting biggest quarterly loss in company’s history

Strategic HR

Intel downsizing after reporting biggest quarterly loss in company’s history

In an email statement, Intel stated that they are working to speed up their strategy while dealing with a challenging macro-economic climate.
Intel downsizing after reporting biggest quarterly loss in company’s history

Intel has joined the list of companies in the tech industry that are laying off employees to cut costs. The semiconductor chip manufacturer confirmed on Monday that it intends to reduce its workforce.

According to a USA Today report, Intel declined to disclose the exact number of employees who will be impacted by the layoffs but stated that the job cuts would be spread out throughout the entire company.

“Intel is working to accelerate its strategy while navigating a challenging macro-economic environment. We continue to invest in areas core to our business, including our U.S.-based manufacturing operations, to ensure we are well-positioned for long-term growth,” the company said in an emailed statement.

Amidst a decline in personal computer sales, Intel reported its largest quarterly loss ever last month. The net loss for the first quarter was $2.8 billion, and revenue decreased by 36% compared to the previous year.

Although Intel suffered a significant loss due to a slump in personal computer sales, the company still paid out $1.5 billion in dividends. In an effort to reduce costs, the Santa Clara-based company reportedly cut employee and executive pay earlier this year. 

Additionally, The Wall Street Journal reported in October that Intel had started making targeted job cuts with the goal of reducing costs by $3 billion in 2023.

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Topics: Strategic HR, #HRCommunity, #Layoffs, #HRTech

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