Intel CFO Yearns For Competitors' Investment Strategy As Company Slashes Jobs
Portfolio Pulse from Surbhi Jain
Intel Corp (NASDAQ:INTC) is set to lay off about 15,000 employees, over 15% of its workforce, as part of a cost-cutting measure to save $10 billion by 2025. This move follows a disappointing earnings report and highlights Intel's struggle to keep pace with competitors in the semiconductor market. Intel's CFO and CEO have emphasized the need for bold actions to address financial challenges and improve competitiveness.
August 02, 2024 | 6:31 pm
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Intel's announcement to lay off 15,000 employees and save $10 billion by 2025 follows a disappointing earnings report. The company is struggling to keep up with competitors and aims to streamline operations and improve financial performance.
The significant job cuts and cost-saving measures indicate Intel's struggle to remain competitive. The market is likely to react negatively in the short term due to concerns about the company's future direction and ability to keep pace with competitors.
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