From CNET: Intel is planning a major workforce reduction, with job cuts likely numbering in the thousands, in the face of a downturn in the PC market, Bloomberg reported Tuesday.
The layoffs will be announced as early as this month, coinciding with Intel's third-quarter earnings report on Oct. 27, the news agency reported, citing unidentified sources. Some divisions, such as the chipmaker's sales and marketing groups, could see staff reductions of about 20%, the report said.
After the pandemic spurred demand for devices while everyone was forced to stay home, consumer spending in the second half of this year has been hurt by the effects of high inflation, rising interest rates and geopolitical tension.
Intel's profit and revenue plunged in the second quarter, with revenue from its PC business dropping 25% to $7.3 billion. Global PC shipments likely declined 15% in the third quarter year over year, the International Data Corporation predicted Monday.
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