Intel slashes jobs in major restructure
The chipmaker’s restructuring includes divesting its Altera unit to Silver Lake.
Intel is reportedly preparing to lay off more than 21,000 employees, roughly 20% of its global workforce, as part of a major restructuring drive.
The move comes ahead of the company’s Q1 earnings call and follows a year of significant transition under recently appointed CEO Lip-Bu Tan.
Tan, who took over from longtime leader Pat Gelsinger in late 2024, is aiming to streamline the tech giant’s operations and restore a focus on engineering.
The layoffs mark Intel’s second major job cut in less than a year, after the company reduced its workforce by 15,000 in August 2024. Struggling with a long-term slump, Intel has seen its stock fall by nearly 67% over the past five years.
As part of its pivot under Tan, Intel has begun divesting non-core units, including selling a majority stake in its Altera semiconductor business to private equity firm Silver Lake earlier this month. Intel has not yet issued an official comment on the reported cuts.
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