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5d ago

Intel to Cut Over 20% of Workforce in Sweeping Restructuring

New CEO Lip-Bu Tan accelerates turnaround plan with deep layoffs, divestitures, and a focus on AI and manufacturing overhaul as losses mount.

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Intel-Aufkleber auf Notebook
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Overview

  • Intel plans to eliminate more than 20% of its global workforce under the leadership of newly appointed CEO Lip-Bu Tan.
  • The company recently sold a 51% stake in its Altera programmable chip business to Silver Lake Management as part of its divestiture strategy.
  • Intel's first-quarter earnings report, set to be released this week, is expected to show a 3.4% revenue decline and a tripling of net losses to $945 million.
  • Tan’s restructuring strategy includes focusing on AI capabilities, overhauling manufacturing processes, and spinning off non-core units to regain competitiveness.
  • Once a leader in PC and server chips, Intel has struggled to keep pace with rivals AMD, Nvidia, and TSMC, losing ground in advanced manufacturing and AI markets.