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Intel CEO Lip-Bu Tan despatched a memo to staff Thursday informing them of great ongoing layoffs and different cost-cutting measures. The corporate has struggled to keep up a aggressive edge amid ongoing monetary losses and strategic setbacks within the AI and semiconductor markets.
“There are not any extra clean checks,” Tan wrote in a memo to staff, revealed by Reuters. “Each funding should make financial sense. We’ll construct what our clients want, after they want it, and earn their belief by constant execution.”
The memo immediately addresses …
- A discount of about 15% (over 25,000 jobs) through layoffs and attrition
- Operational streamlining to “drive larger effectivity and enhance accountability at each stage”
- Cancellation of latest manufacturing unit tasks in Germany and Poland, and a slowdown in Ohio facility development, adjusting spending to precise market demand
- Relocation of producing operations from Costa Rica to Asia, whereas sustaining choose engineering features in Costa Rica
“We’re making onerous however obligatory selections to streamline the group, drive larger effectivity, and enhance accountability at each stage of the corporate,” wrote the CEO, who took over in March.
Intel’s inventory jumped early in 2025 as optimism constructed round new management, however shares fell over 9% after Thursday’s Q2 earnings and layoff announcement, threatening to erase most yearly good points.
Intel has misplaced floor to Nvidia within the AI sector and to AMD within the conventional computing market. In contrast to different Silicon Valley giants, it doesn’t have booming AI or cloud companies to offset its losses.
Microsoft, IBM, and Google have additionally shed 1000’s of employees this yr. CEOs, together with Meta’s Mark Zuckerberg and Microsoft’s Satya Nadella, have mentioned they’re chopping employees to streamline operations and liberate capital to take a position billions in AI.
For this story, Fortune used generative AI to assist with an preliminary draft. An editor verified the accuracy of the knowledge earlier than publishing.
