Intel Layoffs 2022: Chip-Maker Plans Major Job Cuts by October 2022 End As PC Sales Nosedive Globally, Says Report

Intel Layoffs 2022: Chip-Maker Plans Major Job Cuts by October 2022 End As PC Sales Nosedive Globally, Says Report

New Delhi, October 12: Chip-maker Intel is reportedly planning job cuts that may run in hundreds, particularly hitting its gross sales and advertising groups, as client PC gross sales nosedive globally. Bloomberg reported on Wednesday that the layoffs will have an effect on almost 20 per cent of group members at its hit gross sales and advertising groups. The cuts will likely be introduced “as early as this month,” across the identical time as Intel’s third-quarter earnings report on October 27, in line with the report.

The corporate at the moment has 113,700 workers globally. Intel was but to touch upon the report. Worldwide PC shipments totaled 68 million items within the third quarter of 2022, an enormous 19.5 per cent lower from the third quarter of 2021, in line with Gartner.

That is the steepest market decline since Gartner started monitoring the PC market within the mid-Nineteen Nineties and the fourth consecutive quarter of year-over-year decline. Warner Bros. Tv is Shedding 26% of Its Workforce.

“This quarter’s results could mark a historic slowdown for the PC market. While supply chain disruptions have finally eased, high inventory has now become a major issue given weak PC demand in both the consumer and business markets,” mentioned Mikako Kitagawa, Director Analyst at Gartner.

Chip-maker Intel additionally suffered a 25 per cent decline in client chip gross sales within the second quarter (Q2), together with income of $15.3 billion, down 22 per cent yr over yr (YoY).

Its earnings nosedived because it misplaced half a billion {dollars} within the April-June interval — a 109 per cent decline in revenue from $5.1 billion it noticed in Q2 final yr. Firm CEO Pat Gelsinger mentioned that the outcomes “were below the standards we have set for the company and our shareholders”. Mark Zuckerberg Launches Meta Quest Professional at $1,500.

“We must and will do better. The sudden and rapid decline in economic activity was the largest driver, but the shortfall also reflects our own execution issues,” Gelsinger had mentioned in a press release. Intel revised its full-year income steering to $65 billion to $68 billion.

Dave Zinsner, Intel chief monetary officer, had mentioned that “We expect Q2 and Q3 to be the financial bottom for the company”.

(The above story first appeared on OKEEDA on Oct 12, 2022 09:08 PM IST. For extra information and updates on politics, world, sports activities, leisure and way of life, go surfing to our website


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