News Intel to announce a 20% workforce cut this week: Report

[Pierce2623]

If you read about the history of Silicon Valley, there was time when it seemed like a lot of the founders & principals at other chip companies had previously worked at Fairchild Semiconductor. I wonder if Intel has become the equivalent sort of incubator for modern chip designers & process engineers.

I believe you’re quite probably VERY correct on that line of thinking.

 

[tamalero]

Intel does not need to lay off 20K people, its annual sale per employee is over $450K. How many companies can claim that?

its never enough for the rich and investors.

 

[tamalero]

Ya know, it's always sad to see someone lose their job. But there really is too many layers of management at Intel. The company has managers that manage managers that manage managers that manage managers. Completely unnecessary.

there is no way in hell 20k ppl are just "management".

 

[jg.millirem]

The Lip is looking like a slash-and-burn corporate raider type.

I worked as an engineer at Intel main campus in Hillsboro, in their newest, very large office building. Depressing cubicle hell at its worst. Employees need better motivation.

 

[anoldnewb]

"Divesting" the FABs happened over a year ago, they made them into a separate entity with separate bookkeeping and everything.
"internal foundry"

This is just cost cutting to counterbalance the huge costs of building FABs.
Like last year they got pretty much 7 bil out of cost cutting and almost 10 bil from tax stuff.
https://www.intc.com/news-events/pr...s-fourth-quarter-and-full-year-2024-financial

The 6,970 million restructuring charge is the cost of layoffs, not a savings from headcount reductions.

 

[Reverend_Clint]

I know a couple people they could cut 😏

 

[TerryLaze]

The 6,970 million restructuring charge is the cost of layoffs, not a savings from headcount reductions.

(loss) read the headline.
The 6.9 is a gain, it's not all just from layoffs which is why I said cost cutting and didn't say layoffs.
The bottom line losses intel made last year was 600milion.

 

[SonoraTechnical]

well crap. that's allot of unemployed people... get ready for other industries to copy... monkey see monkey do.

I'm 55 and need 7 years of employment to retire at 62 (early I know... and I'll take the financial pain/hit for it)... Good lord these remaining 7 years are going to be the toughest of my entire working career. I'm not a manager... I'm an in the trenches enabler... a worker bee.... a contract employee (or consultant if you will)... we always get cut when there are cuts.... we're hired guns... disposable... a constant risk that comes with this kind of career trajectory.....