According to a Reuters memo, Intel has placed a temporary position in the division responsible for PC desktop and laptop chips, as part of a series of cost-cutting measures.
According to a memo, Intel is ramping all hiring and placing all job demands on hold in its client computing group. Some hiring could resume in at least two weeks after the division re-evaluates priorities and all current job offers will be honored.
We believe that we are beginning a long-term growth cycle across the semiconductor industry, and that we have the appropriate strategy in place. We will assist us cope with macroeconomic uncertainties, execute on our strategy, and fulfill our commitments to customers, shareholders, and employees.
Intel''s stock has dropped about 28 percent in the last year, and investors have warned to wait for lower gross margins than it has historically earned as it spends heavily to catch up with competitors like Taiwan Semiconductor Manufacturing Co, whose manufacturing technology has overtaken Intels.
The firm''s client computing business has reached its highest level by sales, and has generated $9.3 billion (roughly Rs. 720 crore) of its $18.4 billion (roughly Rs. 1,430 crore) in earnings in its most recent quarter. After the company''s desktop and laptop chips were once dominant, Advanced Micro Devicesand the division became more competitive as a customer.
The letter was sent on Wednesday and outlined other costs-cutting measures, such as canceling certain flights for the group immediately, limiting participation to industry meetings and instructions to hold group meetings virtually whenever possible.
Intel''s CEO said the company would slow its hiring and will onboard 23,000 recently hired employees over the next 90 days. At the end of 2021, Intel had 121,000 employees.
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