Intel Confirms Mass Layoffs
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Intel warned investors on Thursday that it may have to get out of the chip manufacturing business if it does not land external customers to make chips in its factories.
Intel canceled multiple manufacturing projects in Europe and delayed its Ohio chip plant for the second time this year.
Intel said on Thursday it plans to slash its headcount to 75,000 by the end of this year, down from 99,500 at the end of 2024 and laid out a blueprint of a more streamlined chip manufacturer.Shares of Intel jumped roughly 2 per cent in extended trading.
Intel said Thursday it has mostly completed plans it announced last quarter to cut 15% of its workforce, as the struggling chipmaker attempts a turnaround.