Intel CEO announces targeted job cuts: high costs and low profits exist, more details to be announced on November 1
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Update time : 2022-10-25 15:42:17
This follows reports that Intel will announce layoffs involving thousands of employees around the time of its third-quarter 2022 earnings report, with sales and marketing departments being the most affected and the percentage of layoffs likely to be around 20%. Intel hopes to respond to the deteriorating PC market by cutting costs.
According to Oregon Live, Intel CEO Pat Gelsinger announced its layoff plans in a video conference with employees. The reason is that Intel has high costs and low profits in the process of developing, manufacturing and selling products. Pat Gelsinger said such measures are inevitable to reduce operating costs, improve the financial situation and return to profitability as soon as possible, and will announce more details on November 1. The recent global macroeconomic situation has been severe and the PC market and supply chain has long since turned from a supply shortage to an oversupply. Even if Intel receives high government subsidies, it seems difficult to reverse the downward trend in a short time. This trend is also reflected in its share price, which has fallen by 50% in the past year. Intel's second quarter 2022 earnings report showed revenues of $15.321 billion, down 22% year-over-year and far from Intel's original estimate of $18 billion, along with a net loss of $454 million and a likely further 15% decline in revenues expected for the third quarter of 2022. Of course, Intel isn't the only tech giant grappling with these issues, as rival AMD also saw its revenue plummet in the third quarter of 2022, with revenue expected to be around $5.6 billion, a significant $1.1 billion drop in revenue compared to $6.7 billion in the second quarter of 2022, reflecting the fact that the weakness in the PC market is likely to be much worse than previously predicted. As for Nvidia, the situation will not be too good either, with revenues expected to be US$5.9 billion in the third quarter of fiscal 2023, well below analysts' expectations of US$6.92 billion
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