Intel could be planning for another huge employee cutdown since 2016. Reports are saying that the chip-making company will do so to cope with the PC market decline. If it were true, the layoffs would get announced as early as this month.
The company has 113,700 employees as of July. According to the people familiar with the situation, divisions, including Intel's sales and marketing group, could see cuts affecting about 20% of staff. The last time Intel had a big wave of layoffs was in 2016 when it trimmed about 12,000 jobs or 11% of its total. Since then, it has made smaller cuts and shuttered several divisions, including its cellular modem and drone units.
Intel is facing a steep decline in the demand for PC processors, which happens to be the company's main business. In July, the company warned that its 2022 sales would be about US$11 billion lower than previously anticipated. Analysts are also predicting a third-quarter revenue drop of nearly 20%. Furthermore, Intel's once-enviable margins have shrivelled. They're about 15 percentage points narrower than historical numbers of around 60%.
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