Intel plans to lay off thousands of employees to cut costs and reverse its decline-EEWORLD

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On July 31, Bloomberg reported that US chip giant Intel plans to cut thousands of jobs to cut costs and fund efforts to turn around the company, which is currently suffering from a double blow of falling profits and declining market share.

People familiar with the matter said Microsoft could announce layoffs as early as this week. Intel will release its second-quarter earnings report on Thursday, excluding employees of the divisions it is divesting, with a total workforce of about 110,000.

Intel Chief Executive Officer Pat Gelsinger is investing heavily in research and development to improve Intel's technology and help it stage a comeback in the semiconductor industry after its once-dominant position eroded under his predecessors as rivals such as Advanced Micro Devices Inc. (AMD) gained market share.

Other chipmakers, led by Nvidia Corp., are also racing to make lucrative semiconductors tailored for computationally demanding artificial intelligence-related tasks. Intel is also struggling with uneven demand for its bread-and-butter chips for laptops and desktop computers.

An Intel spokesman declined to comment. Intel shares rose nearly 1% in after-hours trading after the layoffs were announced.

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