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Intel reported its latest quarterly financial results Thursday.
More layoffs are coming at Intel, the latest Big Tech company to make big cuts in its staff.
The American chip giant on Thursday afternoon said in a letter from CEO Lip-Bu Tan, published online in concert with the company’s latest financial results, that it plans to end the year with a workforce of around 75,000 after “workforce reductions and attrition,” cutting jobs by about 15%.
That would mark a substantial year-over-year reduction from the nearly 10,000 employees Intel (INTC) reported at the end of 2024. Several large U.S. tech firms have taken similar steps in recent months as they’ve sought to cut costs, sustain profits and restructure operations: Microsoft (MSFT) in early July confirmed plans for thousands of layoffs, while Google parent Alphabet (GOOGL) was making buyout offers last month.
“We are making hard but necessary decisions to streamline the organization, drive greater efficiency and increase accountability at every level of the company,” Tan wrote Thursday.
The company as it has sought to turn around its business and revitalize interest in its stock has taken on staffing as well as strategic questions. Earlier this year it said it expected hybrid employees to be on site at least four days a week by Sept. 1, a move Tan said today was “on track.” And job cuts that happened in Q2, Tan wrote, reduced “the number of management layers by about 50%.”
“All of this is designed to drive organizational effectiveness and transform our culture,” Tan wrote.
Shares of Intel edged about 1% higher in after-hours trading. Read Investopedia’s full coverage of today’s trading here.
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