Intel to cut 15% of workforce

I’m rooting for Intel to have better days ahead. I thoroughly enjoyed my work and colleagues there before I was impacted by a huge layoff along with many fantastic coworkers in June. Intel is a stellar company that treats their employees and our communities very well. I hope they can turn the ship as they invest more into their foundry services business. https://lnkd.in/gUi65gbJ

Mobile - Strike Cloud - Strike AI - Strike I have a lot of admiration for Pat Gelsinger, Intel Corporation was my first job in tech, learned a ton, and think it's a great company. Unfortunately, after winning on the back of PC scale, they missed the next 3 big waves. And in baseball, three strikes ... Very unfortunate. https://lnkd.in/grkGxhDY #Intel #Chips #Mobile #Cloud #AI

“We really aren’t in a situation where we could continue to afford benefits and programs that are above market practice,” Intel Chief People Officer Christy Pambianchi told employees in an all-company meeting Thursday evening. In addition to slashing 15,000 jobs, Intel Corporation is cutting cherished benefits central to the company's identity -- reducing the value of employee stock purchases, permanently grounding the Intel Air Shuttle, cutting sabbatical eligibility and duration and cutting off free fruit and beverages. Intel executives said they had to take drastic action to stabilize the company and admitted they didn't anticipate how badly the year would go for their business. Here's more on yesterday's historic news. I'm at [email protected] and 503-294-7699 (and on LinkedIn and Twitter, of course...send me a note for my Signal line): https://lnkd.in/gf6uVs2R

There's been a big shift in markets this week – which could set up the rest of 2024. From underwhelming tech earnings to weakening US economic data, Joe Easton explains what traders are watching?https://bloom.bg/3WQeLt3

First, my sincerest condolences to those whose lives just got turned upside-down with the Intel Corporation lay-offs. My own firing was 22 years ago, and it still registers in my memory bank like a small death – and not really that small.?https://lnkd.in/erTycz64 But quickly, a second point. Many of you are likely being bombarded by advice right now, so I’m intent on interrupting with the best job-search hack I know. ??You must get existential before you get tactical. Sorry not sorry! This is not easy, but that’s why it works so well. Here’s what I mean. Before you start applying for anything, take the time to do the hard work of figuring out: ?? Your values ?? Your aptitudes ?? Your economically viable interests Some call the overlap of these three personal superhighways your “purpose.” In my class about self-discovery and careers at NYU Stern School of Business, we call it your Area of Transcendence, because it’s where we are able to self-actualize – and give back at the same time. Sounds good? It is! Now, I realize asking anyone to “do hard work” after being laid off may sound like another bucket of cold water over the head. But if you get existential before getting tactical, the road ahead is going to a destination of your choosing and design. And in the long run (and perhaps even short), that’s a journey worth taking. ??

Laying off the engineers (R&D) and keeping the MBAs seems like the beginning of a death spiral for a technology company. Just my non-MBA opinion. Keep the makers. Build a better product.

Literally just posted about this layoff in my backyard. I feel like I just recovered from the hard, hard times during the pandemic. Getting calls daily from folks who had been laid off is truly difficult and weighed very heavily on my spirit. I really hope that Intel gives these folks time to get resumes together. If you are one of the individuals taking a package, we have experience talking about wafers, quality escapes, and silicon. https://lnkd.in/gt3tsmHZ

You could make a whole company out of the 15,000 people Intel is laying off. Meanwhile, investors are re-rating Intel stock.

The #Intel earnings report with key facts and figures: Revenue Miss: Intel significantly missed analyst expectations for the third quarter. Revenue is expected to be $12.5 billion to $13.5 billion, lower than the estimate of $14.38 billion. EPS Miss: The company projects a loss of 3 cents a share loss per share, compared to the expected profit of profit 30 cents. Job Cuts and Dividend Suspension: To address these challenges, Intel is planning to cut more than 15% of its workforce (Total workforce around 110,000 people) and suspend dividend payments starting in the fourth quarter. Competitive Landscape: Intel is struggling to keep pace with competitors like Nvidia (more than twice in sales) and AMD (more than $100 billion higher valuation). TSMC is also recognized for having industry's best production. Gelsinger's Outlook and Spending Cuts: Despite these setbacks, CEO Pat Gelsinger remains confident in Intel's long-term strategy. He believes their manufacturing will catch up to rivals (catch and pass those of rivals) and justify new plant construction. However, Intel is reducing spending on new plants and equipment (more than 20%) with a new budget of $25 billion and $27 billion in 2024 and $20 billion and $23 billion in 2025. Stock Performance: Intel's stock price fell sharply (more than 17%) in after-hours trading, extending its year-to-date decline to more than 42%. Overall, Intel is facing significant challenges in the third quarter, including lower-than-expected revenue and earnings. The company is taking steps to address these challenges, such as cutting costs and reducing capital expenditures. However, these cuts may not be enough to offset the competitive pressures that Intel is facing.