Intel streamlining

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Rumors are circulating that in response to another disappointing financial report, Intel is resorting to drastic measures. According to Bloomberg, it is getting ready to issue its first mass layoffs in nearly six years. The staff cuts will most likely affect thousands of its 113,700 employees, especially in the sales and marketing departments, and they could take place as early as this month on the heels of the Q3 results. Intel’s year-over-year income for Q2 dropped 22%, from USD 19.6 billion in 2021 to USD 15.3 billion in 2022, due to lagging sales in consumer PCs and servers. The Q3 forecast is no rosier. Prominent analysts aren’t in agreement on the extent of this year’s PC-market contraction, but they all acknowledge that sales are down double digits in the wake of a decrease in consumer and business spending.

⇨ Ars Technica, Andrew Cunningham, “Report: “Thousands” of Intel layoffs planned as PC demand slows and revenues fall.”

2022-10-12