Intel Selling Its Properties To Save Costs After Announcing Layoffs of 15,000 Employees This Year: Report
Intel now evaluating its properties to sell amid efforts to save costs after announcing massive job cuts this year. The Intel layoffs in 2024 were targeted to affect an estimated 15,000 employees.
Mumbai, November 25: Intel announced massive layoffs this year, which affected thousands of employees and helped it cut costs. The US-based chipmaker struggled as rival competition intensified amid the rise of processors and the focus on AI. According to a new report, the company plans to sell off its campus to save costs.
Beyond Intel layoffs, this is one of the different steps the tech giant has taken to reduce its costs—the job cuts targeting 15,000 employees and more. The exact numbers were not confirmed as the semiconductor giant began cutting from various global locations. Tech Hiring Accelerates: Demand for Entry-Level Talent Surges 59% in India’s Tech Sector, Says Report.
Intel stated that it was exploring the most cost-effective options for space usage for Intel's Folsom site, including a partial lease back of its current space. As per a report by the Times of India, the company was evaluating its 50-acre Hawthorn Farm property located in Hillsboro, Oregon.
Intel CEO Pat Gelsinger already shared amid the announcement of the layoffs that the decision was difficult for the company, but the management still had to think about its survival. The company witnessed a revenue drop of USD 54 million in 2023. As rivals like NVIDIA and AMD rose to the challenges, offering AI-based processors and high-performing GPUs, Intel fell behind with its offerings. India Will Likely See 7.1% Employment Growth Rate in 2nd Half of FY25: Report.
While the decision to sell the properties may not sit well with others, Intel may be taking the step to compete with other companies like TSMC (Taiwan Semiconductor Manufacturing Company Limited). The company suffered a loss of demand for its microprocessors in both PC and data centre markets.
(The above story first appeared on LatestLY on Nov 25, 2024 06:02 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).