April 8, 2024 /SemiMedia/ -- Intel confirmed on April 4 that in order to continue to achieve the company's strategy, it will adjust the organizational structure of the marketing and sales departments and lay off employees.
The layoffs are part of a $10 billion spending cut announced by Intel CEO Pat Gelsinger in October 2022 over the next three years in response to slowing demand.
Intel did not disclose the number of layoffs. However, according to information required to be disclosed by the law in California, where Intel is located, the number of employees affected will reach 50 or more within 30 days.
"We are confident in Intel's future and committed to supporting all employees through this process, including treating impacted employees with dignity and respect," an Intel representative said.
While Intel made the decision to lay off employees in its marketing and sales departments, it also announced a new financial reporting structure, which separates the chip design business from the chip manufacturing business, and the foundry business is independently accounted for to better compete with Samsung and TSMC.
