In a crushing quarterly update, Intel disclosed that it will cut more than 15 percent of its workforce. The layoffs, which could impact over 15,000 jobs, are part of the company’s $10 billion cost-reduction plan to recover financial stability. Intel posted a second-quarter net loss of $1.6 billion, plunging from the net income of $1.5 billion it reported in the same period of 2023.
CEO Pat Gelsinger addressed employees with a memo acknowledging the scope of today’s announcements. “This is painful news for me to share,” he said. “I know it will be even
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