- Intel joins Amazon, Twitter, HP, Google, and many more in laying off hundreds of workers because of economic uncertainty.
- Hundreds of companies have been laying off workers to try and cut costs in order to remain profitable.
- Intel’s revenue reportedly fell 20% year on year to $15.3 billion. Following this, Intel has confirmed it will cut 544 job positions in California.
Many big companies have been announcing huge layoffs in a short time, such as Microsoft laying off 5% of its workforce, Amazon which was seen laying off a massive chunk of people totaling 18,000 jobs, Twitter with thousands after Elon Musk acquired the company, 6,000 no longer working at HP, and Google cutting more than 6% of its global workforce.
Now Intel confirms that it will be cutting hundreds of jobs in the US. This is a trend that has been going on for a while, but it seems to be getting worse. The layoffs are related to the economic downturn and the decline in sales.
As the economic uncertainty grows, so do the layoff rates. Intel is planning to lay off 0.5% of its workforce which is a much smaller number than the other big companies we have been covering.
During its third-quarter earnings call in October, Intel stated that it would lay off a “meaningful number” of employees and cut spending by approximately $10 billion by 2025. The announcement came as the company’s revenue fell 20% year on year to $15.3 billion.