Intel Corporation will cut more than 20% of its workforce this week, which amounts to over 21,000 employees. Bloomberg reported the news, citing a source close to the matter. This move comes less than a year after the chipmaker laid off 15,000 workers in a similar cost-cutting plan.
By the end of 2024, Intel’s employee count had already dropped to 108,900, down from 124,800 in 2023. The upcoming job cuts will mark the first major shake-up under the company’s new CEO, Lip-Bu Tan.
Lip-Bu Tan, who became CEO last month, is pushing to reset Intel’s direction. The former Cadence Design Systems leader believes the tech giant needs a bold restart. Intel has struggled in recent years, falling behind competitors like Nvidia in the race to lead AI chip development.
Just last week, Intel sold a 51% share in its programmable chip business, Altera, to the private equity firm Silver Lake. This sale reflects Tan’s strategy to focus Intel’s resources on its core operations.
Tan also said that Intel must bring back strong engineering talent, improve its chip manufacturing, and fix its financial performance. Intel plans to share its first-quarter earnings on Thursday, which will give Tan a chance to outline more of his plans for the company’s recovery.
Many analysts say Intel’s steep revenue drop may have bottomed out, but they also warn that a full recovery could take years. Wall Street remains cautious, with no short-term bounce-back expected.
Tan, 65, stepped in after former CEO Pat Gelsinger resigned. Gelsinger tried to turn Intel into a contract chip manufacturer like TSMC, but his plan moved slowly. A massive factory project in Ohio is now on hold, and hopes for a deeper relationship with TSMC appear to be fading.
Intel also missed early chances in the AI chip space. While Intel once led in PC and server chips, it failed to act fast as Nvidia captured the growing AI market. Today, Nvidia has become the world’s top semiconductor company.
In his first public statement as CEO, Tan admitted that rebuilding Intel won’t be easy or quick. But the job cuts and recent changes show he’s ready to take big steps to bring Intel back to the top.
Intel is the latest tech company to reduce its workforce as the industry adjusts to tough market conditions. Last week, Google laid off hundreds of workers from its Platforms and Devices division. This group includes teams working on Android, Pixel phones, and the Chrome browser.
Google said the layoffs will help it move faster and run more efficiently. The company had already started a voluntary exit program earlier in January to reduce staff across merged teams.
Intel Corporation will cut more than 20% of its workforce this week, which amounts to over 21,000 employees. Bloomberg reported the news, citing a source close to the matter. This move comes less than a year after the chipmaker laid off 15,000 workers in a similar cost-cutting plan. By the end of 2024, Intel’s employee […]
South African fintech group Crossfin has invested in DigiSquad, a payments platform and advisory company based in Johannesburg. Although the amount was not disclosed, the funding will help DigiSquad expand financial access across Africa, especially in underserved areas. Bishmen Kumalo founded DigiSquad in 2015. Since then, the company has provided services like payments consulting, digital […]
IHS Nigeria has partnered with UNICEF and the Canadian Government to support healthcare delivery in Ogun State. Together, they donated an oxygen plant to Olabisi Onabanjo University Teaching Hospital (OOUTH) in Sagamu as part of a Corporate Social Responsibility (CSR) project aimed at saving lives. IHS Nigeria announced that its team recently visited OOUTH to […]
Telecom tower companies in Nigeria are now turning to solar power to reduce fuel costs and protect the environment. These companies are installing solar systems at base stations, especially in remote areas with no access to the power grid. Some companies in advanced countries have also started similar test projects. Although solar-powered towers are still […]
EV adoption in Nigeria is not without its hurdles. The high upfront cost of electric vehicles remains a significant barrier for many potential buyers. Additionally, the limited availability of charging infrastructure continues to raise concerns about the practicality of owning an EV, especially in urban areas outside major cities like Lagos and Abuja.
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This fresh collaboration was highlighted when NEMA’s Director General, Mrs Zubaida Umar, visited Dr Aminu Maida, the Executive Vice Chairman of the NCC, in Abuja.
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Intel Corporation will cut more than 20% of its workforce this week, which amounts to over 21,000 employees. Bloomberg reported the news, citing a source close to the matter. This move comes less than a year after the chipmaker laid off 15,000 workers in a similar cost-cutting plan. By the end of 2024, Intel’s employee […]
South African fintech group Crossfin has invested in DigiSquad, a payments platform and advisory company based in Johannesburg. Although the amount was not disclosed, the funding will help DigiSquad expand financial access across Africa, especially in underserved areas. Bishmen Kumalo founded DigiSquad in 2015. Since then, the company has provided services like payments consulting, digital […]
IHS Nigeria has partnered with UNICEF and the Canadian Government to support healthcare delivery in Ogun State. Together, they donated an oxygen plant to Olabisi Onabanjo University Teaching Hospital (OOUTH) in Sagamu as part of a Corporate Social Responsibility (CSR) project aimed at saving lives. IHS Nigeria announced that its team recently visited OOUTH to […]
Telecom tower companies in Nigeria are now turning to solar power to reduce fuel costs and protect the environment. These companies are installing solar systems at base stations, especially in remote areas with no access to the power grid. Some companies in advanced countries have also started similar test projects. Although solar-powered towers are still […]
EV adoption in Nigeria is not without its hurdles. The high upfront cost of electric vehicles remains a significant barrier for many potential buyers. Additionally, the limited availability of charging infrastructure continues to raise concerns about the practicality of owning an EV, especially in urban areas outside major cities like Lagos and Abuja.
As of 2022, the World Health Organization (WHO) recommends a ratio of ten doctors for every 10,000 people. However, only seven African countries meet this standard. In Nigeria, the situation is even more dire, with just four doctors per 10,000 people.
From the American West Coast to the bustling streets of Lagos and the sleek corridors of Stockholm, different cities are developing unique startup ecosystems—each with its own strengths and stumbling blocks. But what defines these ecosystems, and why are they crucial to startup success?
This fresh collaboration was highlighted when NEMA’s Director General, Mrs Zubaida Umar, visited Dr Aminu Maida, the Executive Vice Chairman of the NCC, in Abuja.
The announcement was made by Professor Suwaiba Ahmad, Minister of State for Education, during the Adolescent and Youth Ministerial Dialogue on Wellbeing, Health, and Development, held in Abuja.
For years, the cost of RoW in Nigeria has deterred internet providers from investing in infrastructure.
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