Overview

• Intel plans to reduce its workforce from 99,500 at the end of 2024 to 75,000 by year-end after cutting roughly 15% of its staff in the second quarter.
• The company will slow construction at its Ohio chip plant and cancel planned manufacturing sites in Poland and Germany to better align capacity with customer demand.
• Intel will consolidate packaging and test operations in Costa Rica into larger facilities in Vietnam and Malaysia to lower costs and simplify its supply chain.
• Tan has stated that the 14A advanced process will move forward only with significant external customer orders, reserving the 18A node for Intel’s internal products.
• Intel forecasts a third-quarter loss of $0.24 per share on revenue of $12.6 billion to $13.6 billion as restructuring weighs on its financial results.