Intel to Cut 15,000 Jobs to Aid Turnaround Plan

Job Cuts Follow Declining Market Share

Intel said on Thursday that it would slash more than 15000 jobs

Intel, the Silicon Valley chip maker, said on Thursday that it would slash more than 15000 jobs to aid a turnaround plan as it grapples with declining market share and the global economic downturn.

The company said the job cuts, which represent about 11% of its workforce, would be made over the next several months. Intel has been struggling in recent years to keep pace with rivals such as Samsung and TSMC, who have gained market share in the semiconductor industry.

The job cuts are part of a broader effort by Intel to reduce costs and improve its profitability. The company has also been investing heavily in new technologies, such as artificial intelligence and cloud computing, in an effort to regain its competitive edge.

The job cuts are a major blow to Intel, which has been a major employer in Silicon Valley for more than 50 years. The company said it would provide severance packages and other support to employees who are being laid off.

In a statement, Intel CEO Pat Gelsinger said the job cuts were "a difficult but necessary step" for the company.

"We are taking these actions to accelerate our transformation and position Intel for long-term success," Gelsinger said.

The job cuts are the latest in a series of setbacks for Intel. The company has also been hit by the global chip shortage, which has disrupted its supply chain and led to higher costs.

Despite the challenges, Intel remains a major player in the semiconductor industry. The company is betting that its investments in new technologies will help it regain its competitive edge and return to growth.