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.

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