Intel to Slash Jobs in Turnaround Plan

Over 15,000 Cuts Planned

Intel, the Silicon Valley chipmaker, announced on Thursday that it would cut more than 15,000 jobs as part of a turnaround plan. The move is aimed at reducing costs and improving profitability amid declining market share and a challenging economic environment.

Thousands to Lose Jobs

According to company officials, the job cuts will represent approximately 11% of Intel's global workforce, with a focus on reducing management and overhead roles. The cuts will be implemented throughout the year and across all regions.

Intel has been facing headwinds in recent years, including competition from rivals such as AMD and the slowdown in the PC market. The company has been investing heavily in new technologies, such as artificial intelligence and chip design, in an effort to expand its customer base and drive growth.