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Intel To Fire Thousands Just Weeks After Biden Signs CHIPS Stimulus Bill

Zero Hedge | Oct. 11, 2022

With the personal computer market crashing at an unprecedented pace, and with Intel stock losing two-thirds of its value in the past year and plunging to 10-year lows…

…  Intel – which is just days from becoming the target of some activist hedge fund campaign – is planning a “major reduction” in headcount, numbering in the thousands according to Bloomberg, to cut costs and cope with the suddenly disintegrating PC market.

The layoffs will likely be announced around the time the company reports its Q3 earnings on Oct. 27, said Bloomberg sources. And there will be quite a few to pick from: the chipmaker had 113,700 employees as of July, or a roughly 1 worker for every market cap in value (INTC’s market cap closed at a 8-year-low of $102.8 billion today). Some divisions, such as Intel’s sales and marketing group, could see cuts affecting about 20% of staff, the report noted.

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