As a long-time Intel enthusiast and tech aficionado who has witnessed the company’s rise and fall through various market cycles, today’s news of the impending layoffs of 15,000 employees is nothing short of disheartening. It seems like just yesterday when Intel was the undisputed king of the microprocessor hill, and its processors powered the vast majority of computers worldwide.
According to reports, Intel Corporation plans to reduce its workforce by approximately 15,000 employees as part of significant cost-cutting measures. The company has set a goal to save $10 billion by 2025, which will inevitably result in job reductions among many staff members.
Earlier today, Intel’s CEO, Pat Gelsinger, informed his team that job reductions are imminent at the company, in preparation for these changes.
Intel To Have Massive Layoffs Ahead Of 2025
As a dedicated gamer, I’ve noticed the fierce competition in the tech industry, with giants like Nvidia making waves. Recently, Intel, a company I’ve long admired, has announced a significant cost-cutting measure. This move, they say, will unfortunately affect around 15,000 of their employees, a decision that’s undeniably tough to swallow for all involved.
2024 rolled around, and there I was, basking in the triumph of Nvidia being crowned the most lucrative corporation globally. Intel, it seemed, had fallen short on their expansion plans, as shared by Gelsinger.
In simpler terms, Gelsinger stated that our income hasn’t increased as much as we anticipated, and we haven’t fully capitalized on advancements like AI yet. Our expenses are too high, and our profit margins are too low. To correct these issues, especially considering our financial performance and the challenging predictions for the second half of 2024, we need to take more decisive actions.
It appears that our income growth has fallen short of our projections so far, and we haven’t maximized the advantages offered by emerging technologies such as Artificial Intelligence yet.
Pat Gelsinger, CEO of Intel
So, where did all of Intel’s losses exactly come from?
Challenges Faced By Intel Foundry
Intel admitted that significant hurdles associated with their Intel Foundry division played a major role in its financial losses during 2024. In fact, this particular sector is not projected to turn a profit before 2027 at the absolute latest.
Despite Intel’s core business remaining relatively steady, it has experienced some influence in recent times due to the surge in consumer demand for laptops and personal computers. To keep pace with competitors such as AMD, Intel plans to ramp up chip production significantly over the coming year.
Facing a decreasing stock price and numerous challenges currently surrounding Intel, we can merely cross our fingers for its recovery, hoping it won’t lead to further job losses for dedicated workers.
Stay tuned to TopMob for more tech news.
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2024-08-02 01:18