FAMAGUSTA GAZETTE – Intel revealed this week a series of measures to address financial challenges, including layoffs, restructuring, elimination of non-core products, and a return-to-office mandate.
While the number of layoffs was unspecified, reports suggest up to 20% of the workforce—or about 20,000 employees—could be affected, starting in the second quarter.
The company aims to reduce operating expenses by $1.5 billion over two years, targeting $17 billion in 2025 and $16 billion in 2026.
Organizational changes include integrating the Network and Edge Group into the Client Computing Group and the Data Center and AI Group.
Employees will be required to return to the office for four days a week starting September 1. Intel CEO Lip Bu-Tan described the measures as critical for the company’s reinvention and future growth.