Intel plans to cut thousands of jobs to cut costs and finance ambitious efforts to restore the company's position. This was reported by Bloomberg with reference to knowledgeable sources.
Staff cuts may be announced in the near future. On Thursday, August 1, 2024, Intel is also due to present its financial report for the second quarter of this year.
According to analysts' forecasts, Intel will report that its quarterly revenue will remain at the same level as last year. But in the second half of this year, we should expect growth.
According to Wall Street estimates, Intel's total sales will increase by 3% to $55.7 billion for the full year. This will be the first annual revenue increase since 2021.
As you know, the company currently employs about 110,000 people, not including employees of independent units. Last year, the company cut about 5% of its staff. It also slowed spending in some areas.
As a reminder, Intel reported an operating loss of $7 billion in 2023, compared to losses of $5.2 billion in 2022. Revenues for the year fell by 31%, from $27.49 billion in 2022 to $18.9 billion in 2023.