Chip-maker Intel plans to cut jobs that could run into the thousands

By Anand October 12, 2022

Intel is facing a steep decline in demand for PC processors, its primary business

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And has struggled to win back market share lost to rivals like Advanced Micro Devices Inc.

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Bloomberg reported Wednesday that the layoffs would affect about 20 percent of team members in its Hit sales and marketing teams.

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The cuts will be announced "as early as this month," around the same time as Intel's third-quarter earnings report on October 27.

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Worldwide PC shipments totaled 68 million units in the third quarter of 2022, a massive 19.5 percent drop from the third quarter of 2021.

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Chip-maker Intel also suffered a 25 percent decline in consumer chip sales in the second quarter (Q2), with revenue of $15.3 billion, down 22 percent year-over-year (YoY).

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Company CEO Pat Gelsinger said the results were "below the standards we set for the company and our shareholders".

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Intel Chief Financial Officer Dave Zinsner said that "we expect Q2 and Q3 to be financial bottom line for the company".

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