Intel To Cut Thousands of Jobs To Reduce Costs

Intel plans to eliminate thousands of jobs to reduce costs and fund an ambitious effort to rebound from an earnings slump and market share losses. Bloomberg: The workforce reduction may be announced as early as this week, according to people familiar with the company's plans, who asked not to be identified because the information isn't public. Intel, which is scheduled to report second-quarter earnings Thursday, has about 110,000 employees, excluding workers at units that are being spun out.

Chief Executive Officer Pat Gelsinger is spending heavily on research and development aimed at improving Intel's technology and helping it return to prominence in the semiconductor industry. The company's once-dominant position eroded under Gelsinger's predecessors as rivals, such as Advanced Micro Devices, have caught up and taken market share.

Read more of this story at Slashdot.