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Slashdot: Intel To Cut Jobs in Cost-Savings Drive as PC Slump Weighs on Earnings

Intel To Cut Jobs in Cost-Savings Drive as PC Slump Weighs on Earnings
Published on October 29, 2022 at 02:55AM
Intel has embarked on an aggressive cost-cutting push and is considering divestitures as the chip maker tries to navigate a sharp plunge in demand for PCs that has weighed on the company's earnings. From a report: Intel posted a 20% drop in third-quarter sales, issued a forecast for even weaker revenue in the current quarter and lowered its full-year outlook. The company is beginning targeted job cuts and making other adjustments including reducing factory hours to cope with the economic downturn, Chief Executive Pat Gelsinger said in an interview Thursday. He wouldn't specify how many of Intel's more than 120,000 employees would be affected. "We are aggressively addressing costs and driving efficiencies across the business," he said. He added that the company was looking at possible divestitures, among other moves. Intel said it was working to deliver $3 billion in cost reductions in 2023, growing to $8 billion to $10 billion in annualized cost reductions and efficiency gains by the end of 2025. The company took a $664 million restructuring charge in the third quarter to reflect initial cost reductions.

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