Intel is laying off over 15,000 employees — following the news, the company's stock plummeted by 20%
18:10, 06.08.2024
Intel is facing tough times, having lost $1.6 billion in the second quarter of 2024, which is several times more than $437 billion the company lost in the previous quarter.
To face this crisis, the company has developed a campaign on restructuring and reducing expenses, planning to reduce expenses by $10 billion in 2025.
The company is going to lay off over 15.000 employees and reduce recruiting by 15%, with 125 currently working in the company.
The revenues of the company in the second quarter are, however, only 1% smaller than last year – $12.8 billion. The sales of the company's products are however still profitable. The financial losses are more related to Intel’s investments into Foundry microchips – the company invests a lot into new plants and EUV lithography. This investment resulted in $7 billion losses in 2023 and $2.3 billion operational losses in 2024.
The news about the plan of expenses reduction through laying off employees was followed by Intel shares falling by 20%.
Was this article helpful to you?
VPS popular offers
-
-5.4%€/mo€ 11.56 /moBilled annuallyCPU4 Xeon CoresRAM2 GBSpace60 GB HDDBandwidth300 Gb
-
€/moOSCentOSCPU10 Epyc CoresRAM64GBSpace400 GB NVMeSoftwareKeitaroBandwidthUnlimited
-
-4.4%€/mo€ 16.89 /moBilled annuallyCPU4 Xeon CoresRAM4 GBSpace100 GB HDDBandwidth300 Gb
-
-8.1%€/mo€ 31.9 /moBilled annuallyCPU6 Xeon CoresRAM8 GBSpace100 GB SSDBandwidthUnlimited
-
-10.1%€/mo€ 6.23 /moBilled annuallyCPU4 Xeon CoresRAM2 GBSpace60 GB HDDBandwidth300 Gb
-
-10%€/mo€ 25.25 /moBilled annuallyCPU6 Xeon CoresRAM8 GBSpace200 GB HDDBandwidthUnlimited
-
-20.5%€/mo€ 95 /moBilled annuallyCPU6 Xeon CoresRAM16 GBSpace150 GB SSDBandwidth10 TB
-
-18.4%€/mo€ 24 /moBilled annuallyCPU4 Xeon CoresRAM2 GBSpace75 GB SSDBandwidth2 TB
-
-10%€/mo€ 15.95 /moBilled annuallyCPU4 Xeon CoresRAM4 GBSpace50 GB SSDBandwidthUnlimited
-
€/moOSCentOSCPU8 Epyc CoresRAM32 GBSpace200 GB NVMeSoftwareKeitaroBandwidthUnlimited