Intel

2024 - 8 - 2

Intel Makes Chips and Cuts: 15,000 Jobs Gone!

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Intel's drastic cuts are making waves in Ireland as 15,000 jobs vanish in a bid to regain chip-making glory!

In a shocking move that has left both employees and investors rattled, Intel has announced it will be cutting 15% of its workforce globally, equating to 15,000 jobs. This drastic decision comes as the chipmaker struggles to compete against increasingly dominant rivals in the technology sector. Intel, which employs around 4,900 people in Ireland, remains one of the largest employers in the country, and uncertainty looms as details on the local impact are still under wraps. Potential job losses in Kildare and Meath could send shockwaves through local economies that have relied on the tech giant's stability for years.

The announcement has stirred up more than just corporate concern; it's also sparked a flurry of questions among investors. Ever since Pat Gelsinger took the helm as CEO in 2021, the question has loomed: can Intel spend its way back into the good graces of chip-making relevancy? Despite the company's recent financial results, which fell short even of optimistically lowered expectations, Gelsinger’s promise to “rightsize and refocus” the company might not be enough to allay fears. As shares tumbled by as much as 20%, the tech behemoth found itself in a precarious position, raising eyebrows over its strategy moving forward.

With plans to save over $10 billion through these cuts, Intel’s leadership hopes to position the company to compete better in a landscape that is outpacing it. This news comes at a tumultuous time for the semiconductor industry, as global demand for chips skyrockets and competition grows fiercer. However, analysts caution that merely shedding jobs may not address deeper issues within the company's operations and innovation strategies.

As speculation about how the layoffs will impact Irish employees continues, the situation remains dynamic. It's worth noting that while chips may not be the most exciting conversation at the pub, Intel’s evolution is crucial to understanding Ireland's tech economy. Interestingly, the country has carved out a reputation as a hub for semiconductor manufacturing. In fact, Gildemeister Engineering, another leading Irish tech firm, recently reported a surge in demand for advanced chip technologies. So whether it's Intel in the spotlight or other players stepping up, one thing’s for sure—the chip game isn’t slowing down anytime soon!

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Image courtesy of "Kildare Now"

No confirmation of impact on Kildare yet as Intel plans to cut 15000 ... (Kildare Now)

Chipmaker Intel says it is cutting 15% of its workforce — about 15,000 jobs — as it tries to turn its business around to compete with more successful rivals ...

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Image courtesy of "Irish Examiner"

Intel 'working through further details' to understand Irish impact as ... (Irish Examiner)

Intel employs some 4900 people in Ireland, making it one of the State's largest employers.

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Image courtesy of "Financial Times"

Intel's drastic cuts will not fix its fundamental flaws (Financial Times)

Can Intel spend its way back to chipmaking relevance? That was the question on investors' minds when Pat Gelsinger took over as chief executive in 2021.

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Image courtesy of "Meath Chronicle"

Intel plan to shed 15000 jobs in global workforce reduction | Meath ... (Meath Chronicle)

Intel is to cut around 15000 jobs globally, the equivalent of 15% of its workforce with many of those employees residing in Co Meath.

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Image courtesy of "BBC News"

Intel axes 15000 jobs as stock markets slide (BBC News)

Shares in the company fall as much as 20%, contributing to a sharp fall in global stock markets.

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Image courtesy of "Proactive Investors UK"

Intel slumps on plan to axe over 15000 jobs in rightsizing (Proactive Investors UK)

Intel Corp (NASDAQ:INTC, ETR:INL) shares slumped after the chipmaker unveiled plans to cut over 15000 jobs in a bid to rightsize and save up to US$10...

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Image courtesy of "INQUIRER.net"

Intel says it will slash workforce to cut costs (INQUIRER.net)

US chip maker Intel said Thursday it will slash more than 15 percent of its workforce as it streamlines operations.

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Image courtesy of "The Irish Times"

Intel's staff at Irish operation await news on jobs cuts (The Irish Times)

Intel plans to cut 15000 positions globally but it is not yet clear what impact this will have on its 4900 employees in Ireland.

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Image courtesy of "Gript"

Intel to cut 15000 jobs worldwide: hundreds of Irish jobs at risk (Gript)

Intel will cut 15% of its workforce worldwide, amounting to 15000 job losses, after financial results that failed to meet even lowered expectations.

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Image courtesy of "thejournal.ie"

Intel to cut 15% of jobs globally to 'resize and refocus' company (thejournal.ie)

US CHIP MAKER Intel has announced that it will cut more than 15% of its global workforce as it streamlines operations. The company announced a $10 billion ...

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Image courtesy of "Financial Times"

Intel shares fall 28% on plans to cut 15000 jobs (Financial Times)

US chipmaker says it will also reduce capital spending as turnaround strategy hits another setback.

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Image courtesy of "oregonlive.com"

Intel execs admit they were caught off guard by business downturn ... (oregonlive.com)

Intel executives told employees Thursday evening that the company's leaders genuinely believed they had hit bottom last year and begun climbing back.

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Image courtesy of "Kildare Nationalist"

Intel jobs cuts 15% of workforce amid concerns for Irish jobs (Kildare Nationalist)

Thomson Reuters. Intel is cutting close to 17,000 jobs and suspending its dividend payments. The chipmaker, which employs close to 4,900 people in Ireland, ...

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Image courtesy of "Motley Fool"

Why Intel Stock Is Crashing Today (Motley Fool)

Intel just served up a wave of very bad news for investors. The stock of Intel (INTC -26.40%) is getting crushed in Friday's trading. The company's share price ...

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Image courtesy of "CNBC"

Intel shares plunge 22.6% in premarket trading, Nvidia down 4.4 ... (CNBC)

Global semiconductor stocks fell Friday after a lackluster set of results from U.S. chip firm Intel sent its shares cratering, and a global market sell-off ...

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Image courtesy of "DatacenterDynamics"

Intel posts $1.6bn net loss for Q2 2024; plans more than 15000 layoffs (DatacenterDynamics)

The plan also involves reducing R&D and marketing spend by billions between now and 2026, cutting capex by 20 percent, and reducing non-variable cost of goods ...

Investors dump Intel's bonds as spreads blow out after restructuring ... (Morningstar.com)

By Ciara Linnane. Spreads on some of Intel's longer-dated bonds were as much as 20 basis points wider on Friday. Bonds issued by troubled chip maker Intel ...

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Image courtesy of "The Economist"

What is going wrong for Intel? (The Economist)

The giant chipmaker has shed $40bn in market value in a day | Business.

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Image courtesy of "Vox"

Intel was once a Silicon Valley leader. How did it fall so far? (Vox)

Intel was once a Silicon Valley leader. How did it fall so far? The semiconductor manufacturer announced huge job cuts and a dividend pause after losing out on ...

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Image courtesy of "TechCentral.ie"

Intel confirms 15000 jobs to go across the organisation ... (TechCentral.ie)

The balance sheet showed an improvement of revenue for products, led by the client computing group at 9%. However income from data centres & AI and network & ...

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Image courtesy of "Independent.ie"

'The most consequential changes in our company's history' – Intel ... (Independent.ie)

Any job cuts at Intel have implications for Ireland, where the company has around 5,000 staff at its huge manufacturing facility in Leixlip, Co Kildare, ...

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Image courtesy of "BreakingNews.ie"

Chipmaker Intel to cut 15000 jobs in effort to cut costs (BreakingNews.ie)

In a memo to staff, Intel Corp chief executive Pat Gelsinger said the company plans to save $10 billion (€9.25 billion) in 2025.

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