Intel Corp. is reducing its workforce to 75,000 core employees by year's end as part of restructuring efforts led by its new CEO, Lip-Bu Tan. This reduction follows a previous announcement of a 15% workforce cut. The company is abandoning projects in Germany and Poland while relocating assembly operations from Costa Rica to Vietnam and Malaysia. Intel also noted a slowdown in the construction of a semiconductor plant in Ohio. The company's recent financial results show a loss of $2.9 billion in the second quarter, signaling a critical need for strategic changes.
Intel plans to reduce its workforce to 75,000 core workers by the end of the year, down from 99,500. The changes aim for greater efficiency and accountability.
CEO Lip-Bu Tan emphasized that Intel's focus is on its core product portfolio and artificial intelligence offerings to better compete with rivals like Nvidia.
Intel will halt planned projects in Germany and Poland and shift certain operations from Costa Rica to larger facilities in Vietnam and Malaysia.
Intel reported a $2.9 billion loss in the second quarter, highlighting the urgent need for strategic cuts and a focused direction in its business.
Collection
[
|
...
]