Intel to lay off 15000 employees as a cost-cutting move- All details 

Intel's poor Q2 2024 performance has led to layoffs for 15 percent of the workforce, check details.

Intel recently announced its second quarter 2024 performance which showcased a loss of $1.6 billion during the April to June earnings.

Now, to save costs, the company has decided to cut $10 billion in costs by 2025, as reported by Intel CEO Pat Gelsinger.

In the move to cost cutting, Intel will be laying off 15 percent of its global workforce, which means approximately 15000 employees will be affected.

Gelsinger said, “Simply put, we must align our cost structure with our new operating model and fundamentally change the way we operate.”

The reason behind the losses was stated to be the slow adaption of emerging technologies such as artificial intelligence (AI).

Due to the poor quarter, Intel's stock market value also declined by 19 percent with a speculated loss of $24 billion.

The company also plans to reduce costs of research, development, and market expenses until 2026.

However, the company expects some demand in AI PCs, by 2026.