Intel, the Silicon Valley chip maker, said on Thursday that it will slash more than 15,000 jobs to aid a turnaround plan, as the company tries to recover after a series of stumbles.
The job cuts amounted to 15 percent of Intel’s work force.
The company also announced other restructuring moves and a reduction in capital spending, which are expected to cut costs by $10 billion in 2025.
To conserve cash, Intel also said it would suspend its quarterly dividend in the fourth quarter.
“This is painful news for me to share,” Patrick Gelsinger, Intel’s chief executive, said in a letter to employees.
Persons:
” Patrick Gelsinger, “
Organizations:
Intel