Intel slashes some worker, exec pay following PC market fall: report

Intel Corp has taken the net step following the release of a disappointing earnings report last week.lower-than-expected sales forecastThe reductions will range from 5% of base pay for mid-level employees to 25% for Chief Executive Pat Gelsinger.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's stock is really taking a beating and among its competitors, Intel is really falling behind. They're going to have to make a major turnaround or go the way of being forgotten.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The Computer Chip Wars: How AMD Ended Intel's Market DominanceWatch: When you think of computer chips, you probably think of Intel. But in 2022, the company gave up its top spot in market value to a rival: AMD. We explain why.
Source: WSJ - 🏆 98. / 63 Read more »

Contract manufacturer Celestica cutting jobs in San Jose, Fremont - Silicon Valley Business JournalCelestica joins Intel, Synopsys and others in cutting Silicon Valley staff.
Source: svbizjournal - 🏆 334. / 59 Read more »