Intel to cut more than 15% of workforce as it cuts costs to try to turn chip business around

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Chipmaker Intel Corp. is cutting 15% of its massive workforce as it tries to turn its business around to compete with more successful rivals like Nvidia

FILE - The symbol for Intel appears on a screen at the Nasdaq MarketSite, on Oct. 1, 2019 in New York. Intel Corp. Intel reports earnings on Thursday, Aug. 1, 2024. and AMD.

Intel reported a loss for its second quarter along with a small revenue decline, and it forecast third-quarter revenues below Wall Street’s expectations. “Intel’s announcement of a significant cost-cutting plan including layoffs may bolster its near-term financials, but this move alone is insufficient to redefine its position in the evolving chip market,” said eMarketer analyst Jacob Bourne. “The company faces a critical juncture as it leverages U.S. investment in domestic manufacturing and the surging global demand for AI chips to establish itself in chip fabrication.

 

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