General

Intel is everything? Shares plunge to record low, thousands of employees to be laid off

Hard times have come for Intel: sales in 2022 are $11 billion lower than expected (revenue for the third

quarter decreased by 15%), share price for the yearfell by 50% (-20% in September alone). Against this background, the company plans to lay off a large number of employees. Thus, the Bloomberg news agency reported that Intel is forced to cut the number of employees, which will affect thousands of people. This measure is designed to reduce the company's costs, notices of layoffs will begin to be sent out in October. The sales and marketing department will suffer the greatest losses - the planned number of layoffs in it will be 20% of the total number of employees.

We add that a similar situation was at Intel in 2016, when 12,000 people (11% of employees) were fired. In total, as of July 2022, the company employs 113,700 people.