Intel is reportedly set to announce another round of layoffs, this time cutting 20% of its workforce – estimated to be around 21,000 employees.
This is according to Bloomberg, with a source telling the publication that Intel is supposedly aiming to restructure the company to “eliminate bureaucracy” as well as “streamline management and rebuild an engineering-driven culture.”
A representative for Intel declined to comment to Bloomberg on the matter.
The reported layoffs would take place under new CEO Lip-Bu Tan, who took over the role from interim CEOs David Zinsner and Michelle Johnston Holthaus last month.
Former CEO Pat Gelsinger stepped down following his retirement in December 2024.
During Gelsinger’s tenure, Intel laid off 15,000 employees in August 2024 as part of its $10 billion cost restructure plan revealed during its Q2 2024 financial results.
Gelsinger Intel was “making some of the most consequential changes [in] its history” as part of this decision.
“We must align our cost structure with our new operating model and fundamentally change the way we operate,” he said. “Our revenues have not grown as expected – and we’ve yet to fully benefit from powerful trends, like AI. Our costs are too high, our margins are too low.”
