Intel to Cut Thousands of Jobs

Company Plans to Reduce Workforce by More Than 15,000

Move is Part of Turnaround Plan Amid Market Share Loss

WEB July 30 (Reuters) - Intel Corp (INTC.O) plans to cut thousands of jobs to finance a recovery and cope with eroding market share, Bloomberg News reported on Thursday.

The company confirmed the plans, saying it would cut more than 15,000 jobs over the next several quarters.

The move is part of Intel's broader turnaround plan, which has already included cost cuts and a shift in focus to new businesses.

Intel has been struggling in recent years to keep up with rivals such as Advanced Micro Devices (AMD) and Nvidia Corp (NVDA.O). The company has also been hit by supply chain disruptions and the global chip shortage.

In October 2022, Intel announced plans to cut 12,000 jobs by the end of 2023, reducing its workforce by about 5%. This latest round of cuts will bring Intel's total job losses to over 27,000 since the beginning of 2023.

The news of the job cuts comes as Intel is also facing increased competition from new players in the semiconductor market, such as China's Semiconductor Manufacturing International Corp (SMIC).