A couple of hundred Intel employees are set to lose their jobs next month amid slowing growth and recession concerns. $INTC has declined almost 45% this year. The Dow Jones Industrial Average, of which the company is a component, is down about 8%:
The layoffs and cost-cutting that Intel Corp. executives recently warned about have begun in California, with a couple of hundred employees set to lose their jobs next month, and manufacturing employees worldwide being offered unpaid leave.
Meanwhile, the company has offered employees at the company’s manufacturing plants in Oregon and elsewhere three months of unpaid leave, according to recent media reports. Intel spokeswoman Addy Burr confirmed Tuesday that the company is offering voluntary time off to its manufacturing employees around the world.
The layoffs by Intel follow tens of thousands of job cuts announced by other tech giants recently, including Meta Platforms Inc. META, -6.86% and Amazon.com Inc. AMZN, -3.10%, amid slowing growth, falling stock prices and recession concerns. Other industries are also slashing costs and jobs, including media companies and financial institutions.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Policy Expert Josh Withrow: Media Cartel Bill a Boon for Media Conglomerates Like News Corp.“This is not going to benefit independent journalists, this is not going to benefit local news outlets nearly as much as it’s going to add to the revenue of these struggling big corporations.”
Read more »
Fox Corp. Chairman Rupert Murdoch to be deposed in defamation caseRupert Murdoch will be deposed in a $1.6 billion defamation case involving Dominion Voting Systems, WaPo reports
Read more »
Getting Vans Back Into Growth Mode for VF Corp.Kristin Harrer spoke with WWD about how the brand aims to connect with consumers’ creative yearnings in new ways.
Read more »
Russia-Ukraine war: Putin 'becoming more informed' about challenges, U.S. intel chief saysRussia’s war in Ukraine has now entered its 10th month, and as the weather drops below freezing, the invasion enters a new phase. According to the head of U.S. intelligence, the war is running at a “reduced tempo.” Meanwhile, a Kremlin official defended Russia’s repeated strikes against Ukraine’s crucial energy facilities, which the civilian population needs to stay warm this winter. Here are the latest developments…
Read more »
U.S. intel officials warned Twitter of ‘hack-and-leak operation’ ahead of Hunter Biden laptop dropThe former Twitter executive who led the team responsible for suppressing news reports about Hunter Biden’s laptop had been warned by U.S. intelligence and law enforcement officials to be on the lookout for “hack-and-leak” operations ahead of the 2020 presidential election.
Read more »
U.S. intel warned Twitter of ‘hack-and-leak operation’ ahead of Hunter Biden laptop dropThe former Twitter executive who led the team responsible for suppressing news reports about Hunter Biden’s laptop had been warned by U.S. intelligence and law enforcement officials to be on the lookout for “hack-and-leak” operations ahead of the 2020 presidential election.
Read more »