Intel slashes 15,000 jobs in major restructuring effort to save $10 Billion by 2025

Intel is set to lay off over 15,000 employees as part of a broader cost-cutting strategy aimed at saving USD 10 billion by 2025. This move comes amid a challenging financial environment for the company, which has seen a significant drop in revenue and profitability.

In a memo to employees, CEO Pat Gelsinger outlined the reasons behind the layoffs and the company’s future strategy. He acknowledged the difficulty of the decision, stating that while it is a tough day for everyone, these changes are essential for Intel to progress and enter a new growth phase. Gelsinger emphasised that Intel’s costs are too high and its margins too low, necessitating bold actions to address these issues, especially given the disappointing financial outlook for the second half of 2024.