According to a report by Bloomberg, US semiconductor giant Intel Inc. plans to cut its workforce, probably by thousands of employees, in order to deal with losses caused by, among other things, a decline in the personal computers market.
The layoffs will apparently be announced this month, concurrently with the release of the company’s quarterly financials, scheduled for October 27.
Intel has over 100,000 employees worldwide, and is the largest employer in Israel’s technology sector. According to Bloomberg, jobs in the company’s sales and marketing operations could be cut by 20%.
Intel has lost considerable market share to competitors and is finding it hard to win it back. The company forecasts a decline in sales of $11 billion for 2022. It share price is down 50% so far this year, with the semiconductor sector generally weak. According to Bloomberg’s report, sales of personal computers were down by 15% in the third quarter of 2022 in comparison with the corresponding quarter of 2021.
Published by Globes, Israel business news - en.globes.co.il - on October 12, 2022.
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