Intel reportedly plans to lay off thousands of workers, with details likely to emerge alongside quarterly earnings

Intel Corporation could lay off thousands of workers by the end of the month, around the same time the chipmaker reports quarterly results amid a tough year for semiconductor makers, according to a report. reported late on Tuesday.

Layoffs will be announced “as early as this month” Bloomberg reported, citing unidentified sources described as having knowledge that the cuts are coming. Intel

has about 121,100 employees worldwide. While the report doesn’t include the geographies associated with the targeted jobs, it says sales and marketing departments could reduce staff by up to 20%.

The last time Intel laid off a large number of workers was in April 2016, when the Santa Clara, California-based chip company announced 12,000 job cuts, or 11% of the workforce, on the same day, it reported quarterly earnings.

Read: Chip stocks may suffer worst hit ever as effects of shortages turn to widespread surpluses

Intel is expected to report third-quarter earnings on October 27. Analysts expect earnings of 34 cents from sales of $15.43 billion based on Intel’s forecast of about 35 cents a share. and $15 billion to $16 billion in sales. For the first quarter of the year, Intel reported earnings of $1.71 a share on revenue of $19.19 billion.

Since Intel CEO Pat Gelsinger took over in early 2021, he has faced an uphill battle to return the company to its former glory as the leading chipmaker. head.

It means build the company’s production capacity, This is a popular idea during a time of global chip shortages, which has drawn criticism because the multi-year plan is not only heavy on margins and margins, but also comes at a time when PC demand has plummeted.

See: Analysts agree that PC market is on ‘slopeest’ drop since data started being collected in mid-1990s

Also: AMD’s warning prompts analysts to reconsider whether the PC chip market has bottomed

Last year, Gelsinger defended its capital plan, promising that profits would remain “Comfort over 50%,” a milk-loving age-old promise nine months later when a challenging 2022 brings profits down about 45% in the second quarter.

Continue reading: Biden celebrates US economic progress by breaking ground on Intel factory in Ohio even as Democratic Senate nominee there suggests the president shouldn’t run for office in 2024


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