Intel is looking to make more job cuts as it navigates the macroeconomic environment on the back of a record Q1 loss of USD 2.8 billion on USD 11.7 billion in revenue, a 36 per cent year-on-year (YoY) decrease.
The job cuts aren’t a surprise as Intel had already announced plans to cut expenses by USD 3 billion this year to realise annual savings of USD 10 billion until 2026.
“Intel is working to accelerate its strategy while navigating a challenging macro-economic environment. We are focused on identifying cost reductions and efficiency gains through multiple initiatives, including some business and function-specific workforce reductions in areas across the company,” Intel said in a statement.
“We continue to invest in areas core to our business to ensure we are well-positioned for long-term growth. These are difficult decisions, and we are committed to treating impacted employees with dignity and respect,” it added.
The chipmaker had already started with job cuts at its R&D hub in California. Intel has cut more than 500 jobs at the facility over the last few months, according to the regulatory filings seen by Tom’s Hardware.
According to media reports, Intel will announce additional layoffs in June.
Earlier in the day, the social media network for professionals LinkedIn also announced its plans to lay off over 700 employees.