Intel is undergoing sworkforce reductions as part of a strategy to revive its fortunes under new CEO Lip-Bu Tan. The company plans to reduce its core workforce from 99,500 to 75,000 by the end of the year through layoffs and attrition. In a memo, Tan acknowledged the challenges faced by the business, saying: “We are making hard but necessary decisions to streamline the organization.” Additionally, Intel will halt projects in Germany and Poland and relocate operations from Costa Rica to larger sites in Vietnam and Malaysia. The company reported a loss of $2.9bn for the second quarter, with revenue remaining flat at $12.9bn. Tan emphasised a focus on the “core product portfolio” and artificial intelligence, observing: “There are no more blank checks.”
