Intel to Lay Off Thousands of Employees as Tech Industry Slump Continues

Breaking News: Intel CEO Announces Major Layoffs

In a significant development, Intel has announced plans to lay off thousands of employees worldwide. The layoffs are part of a broader cost-cutting measure as the company navigates the ongoing tech industry downturn.

Intel CEO Patrick P. Gelsinger Confirms Layoffs

Intel CEO Patrick P. Gelsinger confirmed the layoffs during a recent earnings call, stating that the company will reduce its workforce by approximately 12,000 employees, or 11% of its global workforce.

The layoffs will take place over the course of the first half of 2023 and will impact employees across Intel's operations, including research and development, manufacturing, and sales.

Reasons for the Layoffs

Intel attributed the layoffs to several factors, including:

• Declining demand for personal computers and laptops
• Increased competition in the semiconductor market
• Rising costs and supply chain disruptions

Senator Rick Scott Calls on Intel to Reverse Layoff Decision

Following the announcement, United States Senator Rick Scott (R-FL) expressed concern over the impact of the layoffs on Florida's economy, where Intel has a major presence.

• Scott urged Intel to reconsider its decision and explore alternative cost-cutting measures.
• He also called for government support for displaced workers.

Impact on the Tech Industry

The Intel layoffs are the latest in a series of recent job cuts in the tech industry. Other major companies, such as Amazon, Meta, and Microsoft, have also announced plans to lay off employees.