Intel is reportedly preparing to cut over 21,000 jobs, or 20% of its global workforce, in a major move expected later this week. The report comes from Bloomberg, just days before the company’s Q1 2025 earnings announcement.
Intel had 108,900 employees at the end of 2024, according to Trading Economics. If true, this layoff will mark one of the largest in the company’s history. The move reflects a shift in leadership and strategy under new CEO Lip-Bu Tan, who is said to be focusing on aggressive cost-cutting.
This isn’t the first time Intel has faced layoff rumors. Last year, similar reports suggested cuts of 10,000 jobs, but the workforce numbers remained steady. Now, with a new CEO in place, the company appears ready to make deeper cuts.
Intel’s former CEO, Pat Gelsinger, had already outlined a $10 billion cost-saving plan, but it’s unclear whether the current layoffs are part of that strategy or a fresh effort by Tan.
Despite the troubling news, Intel’s stock is reacting positively. Shares rose 2% in after-hours trading, following a 4% gain earlier in the day. Analysts from Cantor Fitzgerald say these cuts may be seen as a “reset” for the company’s long-term goals.
All eyes are now on Intel’s earnings call and the upcoming Intel Foundry Day on April 29, where more announcements may follow.
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