Intel is set to lay off even more staff as the tech industry continues to suffer.
among others have taken huge hits to their bottom lines. Sadly, for those involved, that means staff cuts. Intel is the latest company to announce a new wave of layoffs.. It saw a loss of $2.8 billion, the largest in the company's history. Add to that a massive 36% drop in overall revenue and it's no surprise that Intel is seeking to tighten the purse strings.about major budget cuts and layoffs.
"We continue to invest in areas core to our business, including our U.S.-based manufacturing operations, to ensure we are well-positioned for long-term growth. These are difficult decisions, and we are committed to treating impacted employees with dignity and respect." Very unfortunate news, but massive layoffs at Intel coming!Intel's Datacenter and Client computing groups are receiving ~10% budget cutsIt's up to divisions to figure out how to cutGiven fixed costs, means as much as 20% layoffs in groupsLTD unaffected$INTCThat's a polite way of saying there's pain on the way. It's not easy to cut double digit percentage chunks of your budget, especially in the capital heavy industry Intel is a part of.
Hopefully not all of the departing staff will be given a watch and asked to hand in their passes. It's probable some naturally departing staff won't be replaced, somewhat easing the shock to the workforce.
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