Key Points
Intel has fired over 2,000 employees across various US states, marking a major shift in its business strategy..
This development follows the company's August announcement of mass layoffs as part of its efforts to navigate financial challenges and rising competition in the semiconductor industry...
This wave of layoffs aligns with CEO Pat Gelsingers broader plan to eliminate over 15,000 jobs worldwide, as part of a bid to reduce operating costs by $10 billion..
Gelsinger's strategy involves reshaping Intel into a "leaner, simpler, and more agile company," ensuring long-term sustainability amidst intense competition from rivals like AMD, Nvidia, and global semiconductor manufacturers...
In a letter to employees on September 16, Gelsinger said, "As we continue acting with urgency to execute the plan we announced last month, we are also working to carefully manage our cash as we meaningfully improve our balance sheet and liquidity ....
