SANTA CLARA — Intel has disclosed plans for massive layoffs that will lead to a loss of 15,000 jobs worldwide, a wrenching restructuring ushered in by “disappointing” results for the legendary tech titan.
The layoff plans emerged in the wake of Intel’s disclosure of the company’s financial results for the April-through-June second quarter.
“Our second quarter financial performance was disappointing, even as we hit key product and process technology milestones,” said Intel chief executive officer Pat Gelsinger. “Second-half trends are more challenging than we previously expected.”
Santa Clara-based Intel said it has decided to chop 15% of its workforce worldwide, which will result in a jaw-dropping loss of 15,000 jobs.
“This is painful news for me to share,” Geisinger said in a blog post. “I know it will be even more difficult for you to read.”