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Intel to lay off 15000 employees as a cost-cutting move- All details 

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Intel's poor Q2 2024 performance has led to layoffs for 15 percent of the workforce, check details.

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Intel recently announced its second quarter 2024 performance which showcased a loss of $1.6 billion during the April to June earnings.

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Now, to save costs, the company has decided to cut $10 billion in costs by 2025, as reported by Intel CEO Pat Gelsinger.

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In the move to cost cutting, Intel will be laying off 15 percent of its global workforce, which means approximately 15000 employees will be affected.

Photo Credit: Reuters

Gelsinger said, “Simply put, we must align our cost structure with our new operating model and fundamentally change the way we operate.”

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The reason behind the losses was stated to be the slow adaption of emerging technologies such as artificial intelligence (AI).

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Due to the poor quarter, Intel's stock market value also declined by 19 percent with a speculated loss of $24 billion.

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The company also plans to reduce costs of research, development, and market expenses until 2026.

Photo Credit: Pixabay

However, the company expects some demand in AI PCs, by 2026.

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