Intel to lay off more than 15 per cent of its workforce as it cuts costs to try to turn its business around

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Chipmaker Intel Corp. is cutting 15 per cent of its massive workforce, about 15,000 jobs, as it tries to turn its business around to compete with more successful rivals like Nvidia and AMD.

Intel to lay off more than 15 per cent of its workforce as it cuts costs to try to turn its business around

"These decisions have challenged me to my core, and this is the hardest thing I've done in my career," he said. The bulk of the layoffs are expected to be completed this year. "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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