capacity and charges associated with the launch of their AI PCs. In a press release, Intel job cuts are happening because of a new $10 billion cost savings plan for 2025.
Also, Intel expects Q3 income of $12.5 billion and $13.5 billion, while the experts anticipate $14.3 billion. Intel stocks fell over 20% in pre-market trading on Friday after the Intel layoffs 2024 announcement.
Intel layoffs 2024 are part of the ` next phase of its multiyear transformation strategy`, but the Intel job cuts are severe. With the Intel layoffs, they intend to lower R&D marketing and universal spending to $20 billion in 2024. Also, $17.5 billion in 2025, and even decrease in 2026. So, Intel Careers laid off about 15,000 of their 131,000 employees, most of them being let go by the end of the year.
`Our Q2 financial performance was disappointing, even as we hit key product and process technology milestones,` Pat Gelsinger, Intel’s chief executive, declared in a statement about the Intel jobs cut. Intel careers are suffering after a $1.6 billion loss in Q2 2024. It was worse than the $437 million loss last quarter.
Intel layoffs 2024 aim to recover the Intel stocks lost from rival AMD while building their AI chip. These Intel layoffs come as the PC market recovers after eight quarters of declines. Intel stocks are off 38% year to date, despite AMD being down just 3.7%. Also, Nvidia shares are up 127%.
On Thursday afternoon, the CEO held a company-wide conference. He spoke about the jobs at Intel. `This is the most significant rebuilding at Intel since the transition from memory to microprocessors, `, declared the CEO about the Intel jobs.
The Intel careers will be cut off in the coming days. Intel layoffs come after the company spent billions of dollars on factories and equipment worldwide. They wanted to recover their Intel stocks in the chip industry. The CEO spoke about the Intel jobs that are cut off: `We will reduce layers, eliminate overlapping areas of responsibility, stop non-essential work...`.
Despite the Intel jobs cut-off, in September 2022, Joe Biden praised Intel as a job creator with their programs to open a new plant near Columbus, Ohio. The United States president celebrated the jobs at Intel for the $20 billion project. He declared that would generate 7,000 construction jobs and 3,000 full-time jobs at Intel.
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