logo
  

Intel Plans Thousands Of Job Cuts Amid PC Slowdown: Report

Chipmaker Intel Corp. (INTC) is planning thousands of job cuts amid a slowdown in the personal computer market, Bloomberg reported citing people with knowledge of the situation.

The planned headcount reduction is likely to affect about 20% of staff, mainly in the sales and marketing divisions.

The layoffs are expected to be announced as early as this month around the time of its third-quarter earnings report on October 27.

As of July, Intel had 113,700 employees.

In July, the company recorded a loss in its second quarter with weak sales, and also slashed annual sales and profit forecasts.

In a recent memo to company employees, Intel's Chief Executive Officer Pat Gelsinger reportedly outlined plans to create an internal foundry model for external customers and the company's product lines.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Tyson Foods, Inc. (TSN) reported that its first quarter adjusted operating income declined 68% year-over-year. Adjusted operating margin was 3.4%, for the quarter. Both lower revenue and higher COGS in Beef and Pork drove the decrease in adjusted operating margin. The company said market dynamics... Baltimore, Maryland-based Fresh Ideation Food Group LLC is recalling certain sandwiches and other products sold under various brands, citing the potential to be contaminated with Listeria monocytogenes, the U.S. Food and Drug Administration said. The U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS has issued a public health alert for ready-to-eat or RTE stuffed chicken product citing that it may not be fully cooked due to underprocessing.
RELATED NEWS
Follow RTT