Intel is laying off 15,000 employees and will cut $10 billion in costs
Illustration by Alex Castro / The Verge
Intel’s on a long, long road to recovery, and over 15,000 workers will likely no longer be coming along for the ride. The chipmaker just announced it’s downsizing its workforce by 15 percent as part of a new $10 billion cost savings plan for 2025, which Intel says will mean a headcount reduction of “roughly 15,000 roles”.
“This is painful news for me to share. I know it will be even more difficult for you to read,” reads part of a memo from Intel CEO Pat Gelsinger to staff, which you can also read in full at the bottom of this post.
The company just reported a loss of $1.6 billion for Q2 2024, substantially more than the $437 million it lost last quarter. “Our Q2 financial performance was disappointing, even as we hit key product and…