SANTA CLARA — Intel has disclosed plans for massive layoffs that will lead to a loss of 15,000 jobs worldwide, a wrenching restructuring ushered in by “disappointing” results for the legendary tech titan.
The layoff plans emerged in the wake of Intel’s disclosure of the company’s financial results for the April-through-June second quarter.
“Our second quarter financial performance was disappointing, even as we hit key product and process technology milestones,” said Intel chief executive officer Pat Gelsinger. “Second-half trends are more challenging than we previously expected.”
Santa Clara-based Intel said it has decided to chop 15% of its workforce worldwide, which will result in a jaw-dropping loss of 15,000 jobs.
“This is painful news for me to share,” Geisinger said in a blog post. “I know it will be even more difficult for you to read.”
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Intel has already conducted multiple rounds of layoffs over the last year or so that have resulted in significant employment impacts in the Bay Area.
Since the tech industry began significant cutbacks starting in 2022, Intel has disclosed plans to eliminate 1,064 jobs in the Bay Area, affecting employees in Santa Clara and San Jose.
“This is an incredibly hard day for Intel as we are making some of the most consequential changes in our company’s history,” Geisinger said. “We must align our cost structure with our new operating model and fundamentally change the way we operate.”
