New Delhi, October 18: Intel is reportedly laying off over 2,000 employees across multiple locations in the US. According to reports, the Intel layoffs have impacted several states, with major job cuts happening in Oregon. These layoffs are said to be a part of a restructuring effort by the company as it deals with declining revenues and aims to streamline its operations.

As per a report of Times of India, Intel has started implementing mass layoffs, impacting over 2,000 employees across several US states. The layoffs have reportedly impacted various locations across the United States, including Oregon, Arizona, California, and Texas. The tech company has been grappling with declining demand for its products. Meta Layoffs: Social Media Giant Lays Off Employees From WhatsApp and Instagram Teams and More Amid Restructuring Efforts.

According to a report of CNBC TV18, the decision is said to be part of Intel CEO Pat Gelsinger’s plan to reduce expenses by USD 10 billion as the company faces challenges in the chipmaking industry. The job cuts can be noticeable in Oregon, where Intel is the second-largest private employer, with over 20,000 workers. In Oregon, the employees who are losing their jobs are located at Aloha and Hillsboro. Around 1,300 employees will be affected in Oregon, 385 in Arizona, 319 in California, and 251 in Texas.

Gelsinger reportedly stated that as the company pushes forward with the plan they shared last month, they are also taking steps to carefully manage their cash to improve both their financial position and liquidity. These layoffs are part of Intel’s plan, revealed in August, to cut over 15,000 jobs worldwide. Airbus Layoffs: European Aerospace Company Plans To Lay Off Around 2,500 Employees in Defence and Space Division After Losses in Its Satellites Business.

The job cuts will reportedly start on November 15, and employees will be given either a 60-day notice or a four-week notice with extra pay and benefits. Apart from these layoffs, Intel is also making other changes, such as delaying the launch of new facilities outside the US and reorganising its contract chip manufacturing business.

(The above story first appeared on LatestLY on Oct 18, 2024 10:37 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).