The layoffs will be announced as early as this month, to cut costs and cope with a sputtering personal-computer market
ntel Corp. is planning a major reduction in headcount, likely numbering in the thousands, to cut costs and cope with a sputtering personal-computer market, according to people with knowledge of the situation.
Intel is facing a steep decline in demand for PC processors, its main business, and has struggled to win back market share lost to rivals like Advanced Micro Devices Inc. In July, the companythat 2022 sales would be about $11 billion lower than it previously expected. Analysts are predicting a third-quarter revenue drop of roughly 15%. And Intel’s once-enviable margins have shriveled: They’re about 15 percentage points narrower than historical numbers of around 60%.
The latest cutbacks are likely meant to reduce Intel’s fixed costs, possibly by about 10% to 15%, Bloomberg Intelligence analyst Mandeep Singh said in a research note. He estimates that those costs range from at least $25 billion to $30 billion. With PC prices stagnating and demand weakening, Intel also may need to pursue a dividend cut to offset cash-flow headwinds, Singh said. But Intel’s
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