Chip maker Intel said Thursday that it plans to lay off 15,000 people, a troubling sign for the Biden administration's multibillion-dollar plan to rebuild the U.S. chip manufacturing industry. The layoffs will affect more than 15 percent of its workforce, Intel said. The announcement came as Intel CEO Pat Gelsinger told investors and staff that the company needed a massive restructuring to slash costs after posting a $1.6 billion loss in the second quarter. Intel's annual revenue fell by $24 billion from 2020 through 2023 even as its workforce grew 10 percent, a trend that Gelsinger called unsustainable. "This is painful news for me to share," he wrote in a note to employees.

Source: Washington Post August 02, 2024 04:57 UTC