Chip giant
Intel
is cutting more jobs. The company is laying off 235 employees in the latest round. This is the fifth round of
job cuts
announced by Intel this year. Sources say that there may be more job losses at the Santa Clara-headquartered company in 2024.
In a regulatory filings to the state, Intel said that it plans to lay off 235 employees at its research and development facility in Folsom (Sacramento County).
The
layoffs
are scheduled to begin on December 31 and take place over two weeks.
What company said on job cuts
"Intel is working to accelerate its strategy while reducing costs through multiple initiatives, including some business and function-specific workplace reductions across the company,” a company spokesperson was quoted as saying.
There may be additional cuts in 2024, the spokesperson added. In previous rounds of layoffs, Intel eliminated 549 positions at its Folsom campus, which accounted for just over 10 per cent of the total staff. Intel's Folsom campus has been used for a variety of R&D activities, including development of SSDs, graphics processors, software and chipsets.
Reports suggest that the semiconductor major may lay off up to 20 per cent of the employees at its client computing and data centre divisions.
Last year, Intel announced its goal of cutting costs by $10 billion by 2025, through layoffs, reduced hours and potentially selling divisions. The chip maker currently employs more than 13,000 people across California. The chip manufacturer said that it plans to cut its workforce to reduce costs while navigating a challenging macro-economic environment.
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