Intel is reportedly planning to reduce its workforce by more than 21,000 employees, approximately 20% of its total staff, with an official announcement expected this week. This development was noted in a Bloomberg report.
This announcement precedes the company’s first-quarter earnings call, which will be led by the recently appointed CEO, Lip-Bu Tan, who succeeded Pat Gelsinger last year.
According to Bloomberg, Tan’s objective with these layoffs is to “streamline management and rebuild an engineering-driven culture.” By the end of the previous year, Intel employed about 108,900 people. This number followed a previous announcement in August 2024, where Intel revealed plans to cut 15,000 jobs.
Intel has been facing challenges, with its stock experiencing a decline of approximately 67% over the last five years. Since taking on the role of CEO in late 2024, Tan has initiated the process of transforming Intel’s divisions into “non-core” units. As part of this strategy, Intel sold a 51% stake in its Altera semiconductor business earlier this month to the private equity firm Silver Lake.
Intel has not yet provided a comment regarding this matter.
