Intel 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.
The layoffs will be announced as early as this month, with the company planning to make the move around the same time as its third-quarter earnings report on Oct. 27, said the people, who asked not to be identified because the deliberations are private. The chipmaker had 113,700 employees as of July.
I’ve read that it looks like most of the cuts will be in the Sales & Marketing areas and not in the production / R&D areas. They are saying that the layoffs are in response to a slowing PC market. Hmmmm…
I also read recently (can’t find the link now) that the CEO of Intel said that he does not expect Intel to be able to compete for at least the next two years due to major investments in new plants and equipment that will allow them to design and fabricate their own 2nm(?) chips.
I guess when the boss says you can’t compete, and there are a bunch of sales and marketing folks hanging around waiting for the new products that will come along… some time… and then the main driver for your business (PC sales) starts tanking, then I guess it makes sense to dump the deadwood and invest in your R&D and plant and equipment instead of PowerPoints.
Anyone remember someone (who shall not be named) here banging the table on INTC stock back when they first arrived on these boards? Not sure when that was exactly, but the chart sure doesn’t look good from there. Maybe looking better as a buy now, but I think I’ll wait to see how low it can go into 2023.
52 week high = $56 → today $25 → $12 anyone?
'38Packard