According to recent reports, Intel has confirmed that it is firing employees so that it can cut down on costs and stabilize the company. Read the entire article to learn more about this news.
About the layoff
Intel isn’t the only company to take this step. Many other companies like Meta, Snapchat, etc have taken such steps to cut down on their costs. The global economy is not in such good shape as of now which is why companies have been compelled to take the following step.
“The amount that we can do with respect to people costs is a minority of our overall cost structure. So driving efficiency in the factory network is way more important to our economics than people cost,” Gelsinger told Reuters, adding that adjustments to flexible workforces can be “quite immediate”.
Intel’s “PC Client business was the silver lining as sales grew sequentially giving investors some hope that share loss has moderated materially,” said Summit Insights Group analyst Kinngai Chan.
“Our products weren’t shipping new products like Sapphire Rapids, but as those are now in full production and we’re going to be ramping those aggressively, we’re better positioned going forward than we have,” Gelsinger told Reuters, adding that it would take several quarters to ramp up.
About Intel
For people who do not know much about the company, this article is here to tell you all about it. The purpose of this company’s existence is to provide people with the best technology there is which helps them improve their life and performance at work. With an efficient AI, the company is striving towards excellence and only excellence. The company with its teams aims to create something wonderful that will help change people’s lives once and for all. for the company, its customers are the most important. They are the ones who motivate the company to achieve more. Therefore, the company is striving hard towards delivering something that is beyond their customer’s needs and satisfies all their wants. The sole purpose of the company is to see its customers succeed using the technology made by the company. Therefore, the company has a team of employees who work together to try to achieve this goal every day.
About Patrick P. Gelsinger
Patrick P. Gelsinger is the CEO of Intel. Since the time he has been given this position, has done nothing but use his leadership role to guide the company toward the pathway of success. He was given this position in February 2021.