Intel plans to chop 1000’s of jobs hit by PC slowdown – Bloomberg News

Oct 11 (Reuters) – Chipmaker Intel Corp (INTC.O) is planning a significant discount in headcount, seemingly numbering within the 1000’s, within the face of a slowdown within the private laptop market, Bloomberg News reported on Tuesday, citing individuals with information of the scenario.

The layoffs shall be introduced as early as this month and a few of Intel’s divisions, together with the gross sales and advertising and marketing group, might see cuts affecting about 20% of workers, based on the report.

The firm had 113,700 staff as of July, Bloomberg News mentioned.

Intel declined to touch upon the job cuts.

The firm in July slashed its annual gross sales and revenue forecasts after lacking estimates for second-quarter outcomes.

Decades-high inflation and the reopening of workplaces and faculties have led individuals to spend much less on PCs than they did throughout pandemic-related lockdowns.

Chipmakers are additionally underneath stress from COVID-19 curbs in key PC market China and the Ukraine battle which have led to supply-chain snarls and in addition weighed on demand.

Intel’s Chief Executive Officer Pat Gelsinger launched a memo to firm staff on Tuesday outlining plans to create an inside foundry mannequin for exterior prospects and the corporate’s product strains.

A foundry enterprise builds chips that different firms design and Taiwan Semiconductor Manufacturing Co (2330.TW) is the highest participant in that area. Intel has primarily constructed chips it designed itself up to now. learn extra

Reporting by Yuvraj Malik and Abinaya Vijayaraghavan in Bengaluru; Editing by Shounak Dasgupta

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