Intel layoffs announced after company sees largest quarterly loss ever

SOURCE: USA TODAY

A wave of layoffs continues to rattle the tech industry, with semiconductor chip manufacturer Intel on Monday confirming that it plans to cut its workforce to reduce costs.

The company declined to share how many workers would be affected but said the layoffs would take place across the company.

“Intel is working to accelerate its strategy while navigating a challenging macro-economic environment,” the company said in an emailed statement. “We continue to invest in areas core to our business, including our U.S.-based manufacturing operations, to ensure we are well-positioned for long-term growth.”

Intel last month reported its largest quarterly loss in company history amid a slump in personal computer sales. First-quarter net loss was $2.8 billion and revenue was down 36% year-over-year.

Despite the loss, the company paid out $1.5 billion in dividends.

Reuters reported the Santa Clara, California-based company cut employee and executive pay earlier this year. And The Wall Street Journal in October reported that Intel was beginning targeted job cuts and aimed to reduce costs by $3 billion in 2023. 

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