Intel says it will slash more than 15% of workforce to cut costs

San Francisco: US chip maker Intel said Thursday it will slash more than 15 percent of its workforce as it streamlines operations.

The plan to cut approximately $20 billion in expenses this year came as Intel reported a loss of $1.6 billion in the recently ended quarter.

“Our Q2 financial performance was disappointing, even as we hit key product and process technology milestones,” Intel chief executive Pat Gelsinger said in an earnings release.