Further wave of layoffs at Intel chip production - up to 20% have to go

According to reports, Intel has informed employees in an email that it plans to eliminate 15 to 20% of its chip manufacturing jobs. Further cuts in other divisions cannot be ruled out since the company is reportedly planning reductions in other business areas as well.

In December 2023, Intel had 124,800 employees. One year later in December 2024, this number fell to 108,900. With further job cuts now planned, this number will fall even further, with estimates ranging between 16,000 - 22,000 job losses. According to a company spokesperson, Intel aims to become a "leaner, faster and more efficient company". The company also intends to reduce "organizational complexity" and refocus on engineers and customer needs. The decisions were made after careful consideration in order to reduce running costs and strengthen the company's position for the future.

Intel's new CEO, Lip-Bu Tan, had already announced streamlining measures for the company around two months ago. However, it was not entirely clear just how many jobs the company was planning to cut, but now things are getting serious. The company has been under immense pressure for some time: Since April 2021, Intel's share price has fallen by almost 70%. After a brief recovery in 2023, the share price has continued to fall and now stands at just over $21 per share, with no sign of improvement going forward.