Intel to Lay Off 15% of its Workforce

(NEWSnet/AP) — Chipmaker Intel Corp. is cutting 15% of its workforce as it tries to turn its business around.

The Santa Clara, California-based company said Thursday it is also suspending its stock dividend as part of a broader plan to cut costs.

Intel reported a loss for its second quarter along with a small revenue decline, and it forecast third-quarter revenues below Wall Street’s expectations.

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The company posted a loss of $1.6 billion, or 38 cents per share, in the April-June period. That’s down from a profit of $1.5 billion, or 35 cents per share, a year earlier.

Revenue slid 1% to $12.8 billion from $12.9 billion.

Intel had 124,800 employees as of the end of 2023 according to a regulatory filing.

According to a memo to the staff of Intel, CEO Pat Gelsinger said they would be roughly reducing headcount by 15,000.

The bulk of the layoffs will be completed this year.

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