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Intel is set to undertake significant job cuts as part of a strategic effort to recover market share and bolster its finances, according to Bloomberg News. The company has not yet officially announced the layoffs, but reports suggest an announcement could come as early as this week. Shares of the chipmaker saw a slight uptick of about 1% following the news, though the stock has plunged by 40% this year.
Upcoming Layoffs
Intel, which currently employs around 110,000 people globally (excluding workers at units still under development), is reportedly planning to cut thousands of jobs. The move is part of a broader strategy to finance its recovery and address challenges from competitors in the semiconductor industry. Intel CEO Pat Gelsinger is focusing on heavy investments in research and development to advance Intel’s technology and regain leadership in the sector. However, rivals such as Advanced Micro Devices (AMD) and Nvidia Corp have made significant strides, especially in the realm of artificial intelligence-related semiconductors.
Intel’s Strategic Moves
In addition to job cuts, Intel is expanding its operations by building new semiconductor manufacturing facilities and recently appointed Naga Chandrasekaran from Micron Technology Inc. as Chief Global Operations Officer. These efforts are part of Intel’s strategy to enhance its production capabilities and compete more effectively in the semiconductor market.
Impact on India
Intel’s largest design and engineering centres outside the US are located in Bengaluru and Hyderabad, housing around 13,000 employees. With Intel elevating India to a separate geographical unit earlier this year, there is speculation about potential job cuts in the region. Santhosh Viswanathan, Vice President & Managing Director, India Region, highlighted the significant role these centres play in Intel’s global operations and the growth potential in India.
Sources By Agencies
