US Intel Corp., one of the world’s leading makers of computer components, plans to cut more than 20 per cent of its employees, Bloomberg news agency reported, citing an informed source.
The company is expected to announce it this week.
Intel intends to streamline management and restore an engineer-centric culture at the company, the source said.
This will be the first big move by Intel’s new CEO Lip-Bu Tan, who took over the company in March.
During a speech at Intel’s conference in Las Vegas in April, Lip-Bu Tan promised a sweeping “cultural change” at the company, saying he would prioritise attracting talent, building customer relationships and cutting bureaucracy.
Intel has eliminated about 15,000 jobs since announcing cost-cutting measures last August. The company had 108,900 employees at the end of 2024.
Intel will publish its report for the first quarter of 2025 on 24 April.
The company’s shares rose 2 per cent in additional trading on Tuesday. Since the beginning of this year, their value has fallen by 2.7 per cent.