Chipmaker Intel Corp. is cutting 15% of its massive workforce as it tries to turn its business around to compete with more successful rivals like Nvidia and AMD.
Chipmaker Intel Corp. is cutting 15% of its massive workforce â about 15,000 jobs â as it tries to turn its business around to compete with more successful rivals like Nvidia and AMD.In a memo to staff, Intel CEO Pat Gelsinger said Thursday the company plans to save $10 billion in 2025. 'Simply put, we must align our cost structure with our new operating model and fundamentally change the way we operate,' he wrote in the memo published to Intel's website.
6 billion, or 38 cents per share, in the April-June period. That's down from a profit of $1.5 billion, or 35 cents per share, a year earlier. Adjusted earnings excluding special items were 2 cents per share.Revenue slid 1% to $12.8 billion from $12.9 billion. Analysts, on average, were expecting earnings of 10 cents per share on revenue of $12.9 billion, according to a poll by FactSet.
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