Intel has announced significant workforce cuts worldwide.
The computing giant plans to lay off between 15,000 and 19,000 employees, according to The Verge. Intel wants to achieve $10 billion in cost savings by 2025, and plans to significantly cut marketing and research spending over the next few years. It will also shutter “non-essential” operations, but has not elaborated on what that means.
It’s not just PlayStation: 6 messy layoffs happening in the games industry by 2024
Intel reported a $1.6 billion loss last quarter. Many factors contributed to the loss, but it was exacerbated by companies like Apple and Microsoft abandoning Intel for their own chips or those made by Qualcomm. Intel has also not been able to make significant progress in developing AI compared to its peers.
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Tens of thousands of tech workers have already been laid off by the end of summer 2024. Major companies like Microsoft, Google, and Riot Games have also followed Intel’s lead in recent job cuts, with the wave hitting a range of sectors, from computing to gaming and beyond.
Let’s hope this is the last such story we see for a while.
