Intel Cuts Fifteen Percent Employees; Stocks plummeted

 

Global tech giant Intel is gearing up for massive layoffs. Intel has announced that it will cut 15 percent of its workforce to streamline operations. According to the company announcement, about 18,000 employees are likely to be laid off.

Intel plans to reduce the company's total operating expenses by about $20 billion this year. The company posted a loss of nearly $1.6 billion in the last quarter. Intel's CEO Pat Gelsinger said the second-quarter performance was "very poor" despite good progress in key products and technology. Intel said the second quarter was challenging and that it was looking to improve profitability by cutting costs.