Intel Says It Will Slash Workforce To Cut Costs

Intel has struggled to gain its footing in a world hungry for powerful chips to drive artificial intelligence, while rival Nvidia is selling processors as fast as it can make them (Credit: AFP)

US chip maker Intel said Thursday it will slash more than 15 percent of its workforce as it streamlines operations.

The plan to cut approximately $20 billion in expenses this year came as Intel reported a loss of $1.6 billion in the recently ended quarter.