[News] Intel’s Layoff Streak Continues: 23,000 Jobs Cut in Two Years

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According to a report from ijiwei, citing CTech, Intel continues to reduce its workforce as part of the extensive cost-cutting measures it introduced in 2024, with no clear indication of when the layoffs will conclude.

The report states that Intel recently disclosed plans to eliminate an additional 58 positions at its Folsom, California, campus by the end of March. In November 2024, the company announced plans to sell its Folsom real estate and lease back part of the space. According to the report, this adds to the more than 1,000 jobs already cut at the site since January 2023.

As highlighted in the report, since the end of 2022, Intel’s global workforce has shrunk by 23,000 employees, including approximately 16,000 positions eliminated in 2024.

Intel, which once employed over 100,000 people, reported having only 108,900 employees by the end of 2024—returning to its 2018 employment levels despite an USD 18 billion decline in annual revenue, as noted in the report.

In 2024, Intel generated USD 53.1 billion in revenue, down from USD 54.2 billion in 2023, the report states.

The report points out that these layoffs coincide with Intel’s ongoing struggle to regain competitiveness in the semiconductor industry, as it faces revenue declines, shrinking market share, and challenges in implementing its turnaround plans.

Other than workforce reductions and cost-cutting initiatives, Intel’s future remains uncertain, as the company is still in search of a new CEO, with recent speculation suggesting that former GlobalFoundries CEO Tom Caulfield could be a key candidate for the position, as the report notes.

The report highlights that Intel spent USD 900 million on restructuring efforts in 2024, underscoring the significant costs associated with its turnaround strategy.

Meanwhile, despite its financial struggles, Intel still distributes bonuses, albeit at a significantly reduced rate. According to another report from CTech, the company has decided to grant its employees in Israel an annual bonus equivalent to 0.8 months’ salary—a steep decline from the 2.5 to 3 months’ salary bonuses it had  awarded in previous years.

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(Photo credit: Intel)