Bloomberg reports that Intel is mulling a massive layoff of workers to cost-cutting amid a slowdown in the company's operations. Although Intel's Client Computing Group (CCG) does much more than just selling PC processors, the group was Intel's largest source of income in Q2 this year by quite a margin.
Bloomberg is primarily referencing the PC market to support its claim. Though Q2 revenues were US$7.7 billion, this was down 25% from 2021, which, to be fair, was a record year for most businesses in the PC market.
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 - Bloomberg
Intel May Be Planning to Fire Thousands of Employees