News Intel is laying off over 10,000 employees and will cut $10 billion in costs

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Illustration by Alex Castro / The Verge

Intel’s on a long, long road to recovery, and over 10,000 workers will likely no longer be coming along for the ride. The chipmaker just announced it’s downsizing its workforce by 15 percent, as part of a new $10 billion cost savings plan. With 125,300 employees as of June 29th, that will likely mean a substantial number of layoffs.

The company just reported a loss of $1.6 billion in Q2 2024, substantially more than the $437 million it lost last quarter. It’s not like all its businesses are failing, though; while Intel has absolutely been losing money on its chipmaking Foundry business as it invests in new factories and extreme ultraviolet (EUV) lithography, to the tune of $7 billion in operating losses in 2023, the company products...

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