Intel layoffs amid biggest quarterly loss 2023

The semiconductor chip giant Intel said on Monday that it planned to decrease its personnel in order to save expenses. This news comes amid a wave of layoffs that is continuing to shake up the technology industry.

The corporation did not wish to disclose how many employees will be laid off but did state that layoffs would take place throughout the organization.

“Intel is working to accelerate its strategy while navigating a challenging macro-economic environment,” the firm stated in a statement that was emailed to investors.

Dividends totaled $1.5 billion despite the company’s deficit.

“To ensure that we are well-positioned for long-term growth, we continue to invest in areas that are core to our business. This includes our manufacturing operations that are based in the United States.”

As a result of a decline in the number of people purchasing personal computers, Intel announced the greatest quarterly loss in the history of the firm only last month. The net loss for the first quarter was $2.8 billion, and sales was down 36% from the same period last year.

According to Reuters, the corporation with headquarters in Santa Clara, California, implemented compensation cuts early this year for both employees and executives. And in October, The Wall Street Journal reported that Intel was commencing targeted job layoffs and with the goal of reducing expenses by $3 billion by the year 2023.

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