Chipmaker Intel has announced plans to cut 15% of its workforce, amounting to about 15,000 jobs, in an effort to restructure its operations and remain competitive in the market. The company aims to save $10 billion by 2025 through these measures, as outlined by CEO Pat Gelsinger in a recent memo to staff.
Gelsinger emphasized the need to align the company's cost structure with its new operating model and address challenges such as stagnant revenue growth and low profit margins. The decision to reduce the workforce comes after a disappointing quarter for Intel, prompting the company to take steps to streamline its operations.
