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Intel to lay off 15,000 employees as chipmaker tries to revive its business

Economic Times · 9m

Intel is cutting 15% of its workforce, around 15,000 jobs, in an effort to compete with rivals Nvidia and AMD. The company plans to save $10 billion by 2025 and align its cost structure with its new operating model. Intel reported a loss in its second quarter, along with a small decline in revenue, leading to a plunge in its stock value. The job cuts will be accompanied by an enhanced retirement offering and a voluntary departures program. Analysts suggest that cost-cutting measures alone may not be enough for Intel to redefine its position in the chip market.