10 billion dollars will be saved
Intel for 2025 10 billion dollars as part of a new savings plan will reduce its workforce by more than 15 percent announced. This figure is for the chip giant, which currently has more than 125 thousand employees. more than 15 thousand It means he will part ways with his employee.
Intel will reduce R&D and marketing spending by billions of dollars each year through 2026. The company will also cut capital spending by more than 20 percent this year and halt non-essential work. to restructuring will go. In this context will review all active projects and equipment purchases.
Intel’s CEO, Pat Gelsinger, explained the bad situation in the company’s press release with the following words: “Our second quarter financial performance was disappointing, even though we achieved key product and process technology milestones. Our revenues did not grow as expected, and we have not yet fully capitalized on powerful trends such as artificial intelligence.”
Intel Foundry is the biggest culprit of the damage
However, the picture is not completely dark for Intel. The company’s second quarter revenue was only down from the previous year. It decreased by 1 percent to 12.8 billion dollars. Foundry unit unit as Intel invests in new fabs and extreme ultraviolet (EUV) lithography Intel Foundrycaused great losses to the company’s balance sheets. This unit It lost $7 billion in 2023 and $2.8 billion this quarter. of the company The PC and server segment remains profitable. Intel will also receive up to $8.5 billion in funding from the US government for chip production under the CHIPS Act.
In terms of technology leadership, Intel isn’t yet a big player in AI server chips like Nvidia. The company, which lags behind TSMC in the field of production technology, has made new investments and new Lunar Lake ve Arrow Lake aims to launch with its processors. On the other hand, Qualcomm’s ARM-based chips stand out as a significant threat to the company.
Intel previously carried out major layoffs in October 2022 and announced that it would cut costs between $8 and $10 billion every year until 2025. However, the company did not shrink much as a result. While the number of employees decreased by approximately 5% in 2023 (from 131,900 employees to 124,800 employees), Intel’s financial records show that it returned to 130,700 employees as of March 30, 2024.
Intel says it will complete most of the layoffs it announced today by the end of 2024. Gelsinger said Intel has developed a companywide program for eligible employees. will make a retirement offer and said it would allow employees to apply for voluntary redundancies starting next week.
Although Intel is currently restructuring, suspending dividends and reducing spending, it is working to execute on its strategy and build a resilient and sustainable semiconductor supply chain in the U.S. and around the world. will continue its core investments states.
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