Intel would reduce its workforce to 75,000 by year-end|UC Davis College of Engineering|CC BY 2.0
US semiconductor maker Intel will cut 15% of its workforce and halt plans to invest tens of billions in new European chip plants.
The company aims to refocus on AI chips, regain PC processor market share, and advance its 14A technology.
Most layoffs target middle management as Intel seeks to reduce its workforce to 75,000 by year-end.
The tech company posted a $2.9 billion Q2 loss—its sixth consecutive quarterly loss—despite beating Wall Street revenue expectations with $12.9 billion.
Intel also delayed its $28 billion Ohio plant until after 2030.
CEO Lip-Bu Tan emphasized cost discipline, saying every investment “must make economic sense.” Shares dipped after hours.