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Semiconductor major Intel announced laying off 311 workers before Christmas, according to the latest West Coast state’s Employment Development Department WARN filings. More importantly, this marks the company’s fifth layoff in this year alone.
Intel’s latest layoffs affect over 311 workers
Chipmaker Intel has laid off as many as 311 workers across its California offices, with 235 impacted in Folsom and 76 in other Santa Clara locations. The affected employees will be notified by the end of the month, meaning they’ll lose their jobs before the year ends.
Intel’s Folsom campus is a key location for the company. It drives research on Solid solid-state drives (SSDs), graphics, software, and more.
The semiconductor major has conducted a series of layoffs throughout 2022 and 2023, impacting hundreds of employees. In August 2022, the company laid off 140 workers.
It was followed by a larger wave of layoffs in late 2022 and early 2023, which saw around 500 employees lose their jobs. While these reductions may seem small compared to Intel’s global workforce of 110,000, they have had a significant impact on the affected individuals, regardless of the scale of the layoffs. A report by CRN notes that Intel had about 131,900 employees during the end of 2022, per January’s regulatory filing.
Could there be more layoffs in 2024?
Yes or no. However, reports suggest that Intel could continue to cut the workforce in the next year, as well. Santa Clara-based semiconductor major hinted at the same in several publications. A spokesperson told The Register, “Intel aims to speed up its strategy and cut costs.”
Intel is also reported to be struggling with revenues. In October, Intel’s Chief Executive Officer, Pat Gelsinger, spoke about challenges. The PC market slowed down. So, the third-quarter revenue dropped from $19.4 billion to about $15.4 billion. Plus, Intel plans to boost its U.S. manufacturing. This move likely stems from the recent and ongoing China-U.S. trade tensions. Meanwhile, due to AI, more than 30,000 individuals in various fields are concerned about potential job losses.
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