Intel is set to cut over 21,000 people, or roughly 20% of its workforce, with an announcement due this week, according to a Bloomberg report.
The news comes ahead of Intel’s Q1 earnings call helmed by recently appointed CEO Lip-Bu Tan, who replaced longtime chief Pat Gelsinger last year.
With the layoffs, Tan aims to “streamline management and rebuild an engineering-driven culture,” according to Bloomberg. The company had around 108,900 employees at the end of last year after it announced 15,000 job cuts in August 2024.
Intel has been struggling for quite some time; over the past five years, the company’s stock has dipped around 67%. Since assuming the role of CEO toward the end of 2024, Tan has moved to spin divisions of Intel into “non-core” units. Earlier this month, Intel sold 51% of its Altera semiconductor business to private equity firm Silver Lake.
Intel didn’t immediately respond to a request for comment.
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