Illustration by Alex Castro / The Verge
Intel’s on a long, long road to recovery, and over 10,000 workers will likely no longer be coming along for the ride. The chipmaker just announced it’s downsizing its workforce by 15 percent, as part of a new $10 billion cost savings plan. With 125,300 employees as of June 29th, that could mean as many as 18,000 people are out, depending on how the company is counting.
The company just reported a loss of $1.6 billion for Q2 2024, substantially more than the $437 million it lost last quarter. “Our Q2 financial performance was disappointing, even as we hit key product and process technology milestones,” admits Intel CEO Pat Gelsinger in the company’s press release. “Second-half trends are more challenging than we previously expected, and…
