5 ms·
Intel to cut 15% of headcount, reports quarterly guidance miss
- postepowanieadm 2y agoGlobally, or just in the US?
- toomuchtodo 2y agoAppears globally. > The chipmaker plans to cut 15% of headcount, which was over 125,000 at the end of the second quarter. https://jobs.intel.com/en/locations https://jobs.intel.com/en/locations ("Creating technology that will improve lives and transform the world is a global effort. Our 131,000 employees work in 65 countries, contributing their diverse perspectives and experiences to our innovative team. Explore our locations and find your perfect fit.")
- paulddraper 2y agoStats say they ended 2023 at more than twice that, 282k.
- toomuchtodo 2y agoMaybe their locations page is wrong? ¯\_(ツ)_/¯
- artninja1988 2y agoWhew. That's a lot of jobs. Currently https://layoffs.fyi/ https://layoffs.fyi/ counts 380 tech companies w/ layoffs 109,297 employees laid off from 380 tech companies this year. Though I wonder what counts as a "tech job". For example, is the sales team included?
- deleted 2y ago[deleted]
- rexreed 2y agoSome of the financial punchline: Revenue: $12.83 billion vs. $12.94 billion expected, $110M under expectation, and revenue declined 1% year over year in the fiscal second quarter. Why is this a punchline? Because their core business, the Client Computing Group that makes PC chips contributed $7.41 billion in revenue, up 9% and right around the $7.42 billion consensus, so that part is doing fine. But the Intel’s Data Center and Artificial Intelligence unit posted $3.05 billion in revenue. The result was down 3% and lower than the $3.14 billion StreetAccount consensus, which accounts for pretty much all of the decline in expectation. The shortfall almost entirely is in the Data Center and AI Unit. Bellweather?
- deleted 2y ago[deleted]
- b112 2y agoThis is how you recover the lead, lay off people! Chasing that short term stock price goal really seems counter intuitive here.
- brianwawok 2y agoOn the flip side, trimming 15% of the fat may set them up for better growth in the future. No company has no fat, especially not this big
- bryanlarsen 2y agoOn the gripping hand, no company can trim 15% of their employees without cutting meat & bone too. They may have well over 15% fat but identifying it quickly is impossible.
- xadhominemx 2y agoBased on my experience working with Intel over the years, 30% of their employees do nothing at all and 30% work about 15 hours per week. So there is plenty of fat to trim.
- paulddraper 2y agoIBM missed earnings by 1% so it cut 15% of workforce? Are those the correct numbers?
- deleted 2y ago[deleted]
- StringyBob 2y agoIntel had over 130,000 employees as of a couple of months ago. 15% layoffs is nearly 20,000 people.
- IamLoading 2y agoThats crazy! Meta got such huge press when they laid of 10k people.
- up2isomorphism 2y agoFor people who does not have the context, intel operates totally differently from big techs. Stack ranking is not a concept there, you can stay 30 years there without having to be worried about be marked as bottom x%. So for meta you can imagine there is 6% cut every year without layoff a single employee.
- ChrisArchitect 2y ago[dupe] More discussion on official release: https://news.ycombinator.com/item?id=41133084 https://news.ycombinator.com/item?id=41133084
- 93po 2y agooh goodie, what a wonderful job market, especially after already being unemployed for over a year
- chemmail 2y agoI don't usually give friends stock advice, but i text them to dump any intel if they have. Let see who listened.