Intel set to lay-off employees as it cuts billions of dollars in spending

Chip-maker Intel will begin to lay off workers soon as the company plans to drive nearly $3 billion in annual savings in the near term and $8 billion to $10 billion by the end of 2025, and these savings will majorly come from “people costs” from both operations and sales departments.

Intel CEO Pat Gelsinger, during the company’s Q3 earnings call, said that we are responding to the current environment by taking aggressive actions to reduce costs while mindfully protecting the investments needed to accelerate our transformation, ensuring we are well-positioned for long-term market growth.