(Bloomberg) — In an effort to bounce back from a recent decline in earnings and market share, Intel Corp. is planning a significant workforce reduction to cut costs.
Insiders familiar with the situation revealed that the announcement of the job cuts could come as soon as this week. With approximately 110,000 employees, Intel is gearing up to unveil its second-quarter earnings report on Thursday, excluding those from its spun-out units.
Under the leadership of CEO Pat Gelsinger, Intel is heavily investing in research and development to enhance its technology and reclaim its position in the semiconductor industry. Previous executives allowed Intel’s dominance to slip as competitors like Advanced Micro Devices Inc. made significant gains in market share. When reached for comment, an Intel spokesperson remained silent.
Prior to the official announcement, Intel’s shares saw a 2% increase in premarket trading on Wednesday…
2024-07-31 04:50:34
Originally published on finance.yahoo.com