Intel to lay off thousands amid PC market slowdown: Report

According to an article by Bloomberg, Intel Corp. is preparing to drastically reduce its personnel in order to deal with the slump in the personal computer industry. The story cited persons with knowledge of the situation when it stated that the layoffs might be disclosed this month, possibly around the time of its third-quarter earnings announcement on October 27.

The study also said that at least 20% of the workforce in Intel's departments like sales and marketing could be laid off. The corporation reportedly has 113,700 workers as of July. The corporation has meanwhile neglected to comment on the layoffs. The chip manufacturer's core line of business, PC processors, has apparently been seeing a sharp fall in demand.

According to the research, Intel has struggled to reclaim market share that it has lost to competitors like Advanced Micro Devices Inc. It also issued a warning in July stating that 2022 sales will be at least $11 billion lower than anticipated.

According to the report, Intel CEO Pat Gelsinger said on the second-quarter results call that "we are also decreasing core spending in the calendar year 2022 and will try to take additional actions in the second half of the year."

According to a different report, Gelsinger also distributed a note to the company's staff on Tuesday outlining the plans to develop an internal foundry model for the company's product lines and external clients.

The timing of this comes as the corporation is under significant criticism from investors regarding its profitability as shares of Intel have plummeted more than 50% in 2022, with a 20% drop only last month. According to the Bloomberg article, a crucial component of the US-based company's goal to sell more chips to the data-centre sector is to develop new PC processors and graphics transistors in an effort to maintain its market dominance.

After the company's most recent quarterly report, David Zinsner, Intel's chief financial officer, reportedly remarked this as well: "There are significant potential for Intel to enhance and produce maximum production per dollar."

According to the source, he also stated that the corporation anticipates restructuring changes in the third quarter and that job layoffs are imminent. According to the article, Google also introduced new server farm technology powered by Intel that will speed up AI activities.

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