Intel CEO unveils drastic workforce reductions by year-end amid turnaround plan

Intel Corp. will have cut 25% of its global workforce by the end of the year as the California-based company’s top executive continues efforts to turn around operations and reduce expenses.

That means the semiconductor company’s worldwide payroll will be trimmed to 75,000 employees. Intel is one of the Valley’s largest employers with nearly 10,000 workers, with a chunk of those jobs already targeted for layoffs earlier this year.

Intel CEO Lip Bu-Tan told institutional investors and analysts on an earnings call Thursday that the company had already completed a majority of its previously announced layoffs, equating to 15% of its global workforce, before unveiling these even deeper cuts.

Intel (Nasdaq: INTC) had 108,900 employees as of Dec. 28, 2024, according to its annual report. In the wake of the decision earlier this year to lay off 15% of its workforce with cuts that are still being rolled out heading into the third quarter, the company was down to 96,400 at the end of Q2, Barron’s reported, with more steep cuts still in the works this year through attrition and additional layoffs.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story. 

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