Intel is reportedly planning to cut more than 21,000 jobs, amounting to nearly 20% of its global workforce, according to a Bloomberg report. The layoffs are expected to be announced this week, ahead of the company’s Q1 earnings call.
This move comes under the leadership of new CEO Lip-Bu Tan, who took over from Pat Gelsinger in late 2024. Tan’s strategy is to streamline operations and refocus Intel on its engineering roots, following years of lagging performance and declining investor confidence. Intel had already cut 15,000 jobs in August 2024, bringing its workforce down to approximately 108,900 by year-end.
The company has been facing persistent challenges, with its stock plummeting nearly 67% over the past five years. In response, Tan has begun spinning off what he considers "noncore" business units. Earlier this month, Intel sold a 51% stake in its Altera FPGA business to private equity firm Silver Lake, signaling a broader effort to refocus on core competencies.
The reported layoffs mark one of the largest workforce reductions in Intel’s history and reflect the pressure Tan is under to reshape the company’s direction and restore investor trust.
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