The Intel Corporation logo is seen at a temporary office during the World Economic Forum 2022 in the Alpine resort of Davos, Switzerland May 25, 2022. REUTERS/Arnd Wiegmannsaid on Tuesday that it had made broad cuts to employee and executive pay, a week after the company issued a lower-than-expected sales forecast driven by a loss of market share to rivals and a PC market downturn.
The reductions will range from 5% of base pay for mid-level employees to as much as 25% for Chief Executive Pat Gelsinger, while the company's hourly workforce's pay will not be cut, said a person familiar with the matter who was not authorized to speak publicly. Intel spokesperson Addy Burr said in a statement that the "changes are designed to impact our executive population more significantly and will help support the investments and overall workforce."
Intel last week said its profit margins were plunging as the PC market cools after several years of growth during the pandemic.
I read this yesterday on my Ipad.
At last. A company that has it right.
Is dividend cut next?
Huh
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