Thread regarding Intel Corp. layoffs

Those numbers seem really low (about 2% of the respective sites). This must just be the first wave, as (1) some departments that are well-represented at Folsom (IT, for one) aren’t doing their layoffs for another month+ and (2) they have to cut a lot more to reach their cost-cutting target.

Gotta be the folks that opted in for CPM based on the timing of the announcement.

“As mentioned during our earnings call, we are focused on driving $3 billion of cost reductions in 2023, one-third of this in cost of sales and two-thirds in operating expenses,” Burr said. “These savings are expected to be realized through multiple initiatives to optimize the business, including: honing our product and IP portfolio; reducing consultancy and vendor spend; minimizing non-critical projects, travel and discretionary spend; optimizing our real estate footprint, in line with our hybrid working model; and right-sizing teams and limiting hiring.

“This will also include some business and function-specific workforce reductions in areas across the company. These are very difficult decisions, but we are taking these actions to ensure we are well-positioned for long-term growth.”

Intel can't even run a 7-11 , just a bloated Educational Cesspool of nothing.

It looks like Intel is just going to have a constant flow of people out the door for an extended period of time rather than have huge numbers all at once which puts them in sights of the media. When you see articles talking about the huge tech layoffs Intel isn't even mentioned. It is just Amazon, Meta, Twitter... Intel is staying below the media radar. Intel didn't specify numbers of people during the Q3 earnings where this was reported it was just $3 billion in savings in 2023 and $10 billion per year by 2025. People are the easiest cost reduction to implement and Intel clearly has too many on staff. Add up all of these numbers over the next few years and you will probably be well above of 30k by 2025.

111? Seems like normal levels of attrition. Why stress everyone out over that? I bet there were that many volunteers.

Fear of layoff always increases productivity atheist for a short period of time.

Intel does this every time they have layoffs, they stress everyone out for six months worrying about being fired, ki----g productivity for everyone - they never learn.
Do you think that I can focus on my work when I have to worry if I'm going to be able to pay for my mortgage and support my family along with my disabled daughter?

A lot of excess cash goes to pay geo-inflated salaries in Santa Clara. Pay an engineer in Idaho and you can cut your salary costs by 60%. And given the work some people do out in Santa Clara, you’ll get better quality output too.

Drip drip drip...

Tons of wasted money on salaries for the guy in the lab who sits on Facebook all and his phone. You know him. He'd hardly ever there. Where do I get a job doing nothing?

Intel Corp. is cutting about 111 jobs in Folsom, part of around 201 layoffs planned statewide.

The giant chipmaker announced the layoffs in a pair of letters sent Friday to state employment officials. The numbers of jobs it said it's cutting is an estimate; the number of people it actually lets go could be higher, Carolann Bullock, director of Intel's employment and labor legal group, said in the letters. The company plans to lay off affected employees over a two-week period starting Jan. 31, Bullock said.

"This announcement and the above timetable are based on the best information currently available," she said in the letters to the state Employment Development Department. "We will inform you of any significant changes in these plans as additional information becomes available."

Intel (Nasdaq: INTC) is the Sacramento area's largest technology company, with 5,300 local employees as of August, according to Business Journal research. It has a major research and development center on Prairie City Road in Folsom.

The company is also cutting about 90 jobs at its headquarters campus in Santa Clara, according to the letters.

The letters come a little more than a month after company officials announced plans to lay off workers starting this quarter as part of an effort to cut $3 billion in costs next year. The company has been battling falling profits and revenue amid a slump in demand for both its PC and data center chips. Its stock price is down 70% this year, closing off 24 cents a share, or about 1%, to $29.17 each on Monday.

The cuts detailed in the letters, which affect Intel's research and development center in Folsom as well as its Santa Clara campus, are part of the broader layoffs and cost cutting Intel announced in late October, Intel spokeswoman Addy Burr said.

"These are very difficult decisions, but we are taking these actions to ensure we are well-positioned for long-term growth," Burr said in an emailed statement. Burr did not immediately provide additional information about the Folsom layoffs.

Bullock didn't list the positions of those Intel is cutting but said the company would post that information at the affected sites. The chipmaker plans to give all those it's letting go 60 days notice, she said.

Only 200 for Nor Cal? Are you sure Intel HR didn't f up their Excel sheet and forgot a trailing zero?

111 out of 7k employees at Folsom site is nothing. Not even 2%. Folsom site can easily let go 3k coasters.

"Intel Corp. is cutting about 111 jobs in Folsom, part of around 201 layoffs planned statewide.

The giant chipmaker announced the layoffs in a pair of letters sent Friday to state employment officials. The numbers of jobs it said it's cutting is an estimate; the number of people it actually lets go could be higher, Carolann Bullock, director of Intel's employment and labor legal group, said in the letters. The company plans to lay off affected employees over a two-week period starting Jan. 31, Bullock said"

just the beginning.