Reports say Intel might cut 20 percent of its workers this week. Analyst C.J. Muse from Cantor Fitzgerald noticed more cost-cutting at Intel since Lip-Bu Tan became CEO. According to Trading Economics, Intel had about 108,900 employees at the end of 2024. This means over 21,000 people could lose their jobs. The news comes right before Intel plans to release its first quarter 2025 earnings next week.
Bloomberg shared similar news last July about Intel wanting to remove 10,000 jobs. The total workforce stayed around 110,000 despite those earlier reports. Former CEO Pat Gelsinger had created a $10 billion cost reduction plan before leaving. Nobody knows if these new cuts follow Gelsinger's plan or represent Tan's fresh approach. Analysts feel positive about these changes, along with the upcoming Intel Foundry Day on April 29.
Intel stock increased 2 percent after regular trading hours. The company saw 4 percent gains during normal trading time. The stock price has recovered from losses earlier this spring but remains flat for the year overall.
Bloomberg shared similar news last July about Intel wanting to remove 10,000 jobs. The total workforce stayed around 110,000 despite those earlier reports. Former CEO Pat Gelsinger had created a $10 billion cost reduction plan before leaving. Nobody knows if these new cuts follow Gelsinger's plan or represent Tan's fresh approach. Analysts feel positive about these changes, along with the upcoming Intel Foundry Day on April 29.
Intel stock increased 2 percent after regular trading hours. The company saw 4 percent gains during normal trading time. The stock price has recovered from losses earlier this spring but remains flat for the year overall.
