Intel plans to cut thousands of jobs to finance recovery

Intel opens new tab plans to cut thousands of jobs to finance a recovery and cope with eroding market share, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Shares of the chipmaker, which is set to report quarterly results on Thursday, were up about 1% in extended trading. The stock has slumped 40% so far this year.
Intel declined to comment on the report when contacted by Reuters.

The U.S chipmaker remains a major player in the personal computer and server markets, but has struggled to keep pace with the growing demand for chips used in AI applications.