Intel announces layoffs over $1.6 billion loss
The semiconductor manufacturing company Intel announced the dismissal of 15% of its workers after experiencing losses in the order of $1.6 billion
Intel announced the dismissal of 15 % of its workers after recording losses in the order of $1.6 billion. The company argues that this is a global plan to save $10 billion in costs by 2025.
The company’s CEO, Patrick Gelsinger, announced the measure, indicating that it will be implemented at the end of the year. He noted that “the company must adjust its cost structure to a new operating model and radically change the way it operates.”
Intel’s revenue has not increased as expected. Furthermore, costs are too high and margins too low, according to Gelsinger.
When referring to the company’s cost structure, the director stressed that “Intel’s annual revenue in 2020 was about $24 billion higher than last year, but its current workforce is 10% larger than then.”
Hence, the proposed changes by reducing the workforce at its facilities for significant cost savings next year.
M.Pino
Source: noticiaslatam
(Reference image source: BoliviaInteligente in Unsplash)
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