11:21 - 1.08.2024

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August 1, Fineko/abc.az. American Intel plans to cut thousands of employees in order to reduce costs and finance a recovery program after declining profits and loss of market share, ABC.AZ reports, referring to Bloomberg.

Agency's interlocutors say that the company will announce layoffs by the end of this week.

Intel should report about earnings for Q2 of 2024 on August 1. Now the company employs 110,000 people.

Last year, Intel cut about 5% of its staff, and by the end of the year, about 124,800 people worked for the company. Layoffs in the company have been going on since 2022, as of May, the number of employees was 131,900 people.

The company expects that these measures will allow it to save up to $10 billion by 2025.