According to a report, Intel is going to cut thousands of jobs. As a result of the downturn in the PC market, the company has reduced its workforce.
Around 20% of Intel's team members will be affected by the layoffs. Around the same time as Intel's third-quarter earnings report, the cuts will be announced, according to reports. There are 112,700 employees at the company.
The PC market is struggling after two years of selling well. In the third quarter of 2022, worldwide shipments decreased by nearly 20 percent compared to the same period in the previous year. This is the largest market decline it has recorded since it began tracking the market in the mid 1990s according toGartner.
The results of this quarter could be a sign of a decline in the PC market.
According to a press statement, the results could mark a historic slowdown for the PC market. Despite massive promotions and price drops, back to school sales ended with disappointing results as many consumers had purchased new PCs in the last two years. PC's were not at the top of the priority list because of the economic uncertainties.
These difficulties were raised in Intel's second quarter earnings reports. The company said that its consumer chip sales had fallen by 25 percent. The company made $5.1 billion in the second quarter of the year, but lost half a billion dollars. Intel CEO Pat Gelsinger stated during the earnings report that the company would be lowering core expenses in the coming year and would look to take more actions in the second half of the year.
It looks like they could be coming up soon.
All Rights Reserved © 2024
