A man walks past the Intel logo at its booth during the first China International Supply Chain Expo in Beijing, China Nov 28, 2023.Intel plans to cut thousands of jobs to finance a recovery and cope with eroding market share, Bloomberg News reported on Tuesday , citing people familiar with the matter.
CEO Pat Gelsinger has initiated a turnaround to regain the company's competitive edge, focusing on revitalising its manufacturing capabilities, investing in advanced chip technologies, and expanding into new markets. The plan was expected to provide annual cost savings between US$8 billion and US$10 billion by 2025, the company had said in February last year.
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