Financial Results

Amidst the backdrop of a weak quarterly earnings report that saw Intel lose money for the second quarter in a row, Intel today has announced that the company will be cutting costs by $10 billion in 2025 in an effort to bring Intel back to profitability. The cuts will touch almost every corner of the company in some fashion, with Intel planning to cut spending on R&D, marketing, administration, and capital expenditures. The most significant of these savings will come from a planned 15% reduction in force, which will see Intel lay off 15,000 employees over the next several months – thought to be one of Intel’s biggest layoffs ever. In an email to Intel’s staff, which was simultaneously published to Intel’s website, company CEO...