The IT sector is still being rocked by a wave of layoffs, and on Monday, the semiconductor chip giant Intel said that it intends to downsize its personnel in order to bring down its expenses.
The firm stated that layoffs will take place across the organization but did not disclose how many employees would be affected by this decision.
Despite macroeconomic challenges, Intel is accelerating its agenda.
According to a statement that was sent out by the business through email, “Intel is working to accelerate its strategy while navigating a challenging macro-economic environment.”
“We continue to invest in areas core to our business, including our manufacturing operations based in the United States, in order to ensure that we are well-positioned for long-term growth.”
In response to a decline in the number of personal computers being purchased, Intel posted the greatest quarterly loss in the history of the corporation one month ago. The company reported a net loss of $2.8 billion for the first quarter, while sales was down 36% year over year.
In spite of the deficit, the corporation distributed dividends in the amount of $1.5 billion.
Reuters said that the corporation located in Santa Clara, California reduced wages for both employees and executives early this year. And in October, The Wall Street Journal reported that Intel was commencing targeted job layoffs and that the company intended to decrease expenses by $3 billion in 2023.