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Intel has now announced that they will lay off more than 15,000 employees at the company, involving more than 15% of Intel's workforce. This step is done as one of the cost saving methods by 2025.
In addition, Intel will also reduce marketing and research expenses until 2026. The restructuring of the company is also expected to involve the termination of a number of non-essential jobs, as well as looking back at various projects that are being actively developed.
Through its latest financial statement, Intel announced a loss of $1.6 billion for the second quarter of 2024. Intel also seems to be unaffected by the high demand in the artificial intelligence arena – which is being led by various other processing chip manufacturers.
With this development, let's all look forward to whether the restructuring of the company will succeed in restoring the company or vice versa.