This news follows layoffs of 15% last year and a memo from Tan earlier this year that referenced “critical changes [that] will reduce the size of our workforce.” (At the time, Bloomberg reported that Intel planned to cut over 20% of its staff, but the figure was never confirmed.)

Intel is planning to separate its networking and communications unit into a stand-alone company and has begun the process of identifying investors, the chipmaker said on Friday, as new CEO Lip-Bu Tan looks to streamline its operations.

Back in April, Intel Corp.’s newly appointed Chief Executive Officer Lip-Bu Tan told investors on his inaugural earnings call that turning around the troubled chipmaker would take time.

Intel Corp. gave a stronger-than-anticipated revenue forecast for the current period, offering investors a glimmer of hope as they wait for a turnaround under new Chief Executive Officer Lip-Bu Tan.Third-quarter sales will be $12.

I’m also instituting a policy. Every major chip design needs to be personally reviewed and approved by me before tape out. He says it’ll move Intel “back towards a first time right mindset,” and that he’s already “taken steps to correct past mistakes regarding multi-threading capabilities” in future chips.

Intel is set to report its sixth consecutive net loss on July 24, while revenue is expected to drop for a fifth straight quarter.

Intel Corp. will have cut 25% of its global workforce by the end of the year as the California-based company’s top executive continues efforts to turn around operations and reduce expenses.

Intel Corp. is shedding thousands of workers and cutting expenses as its new CEO works to revive the fortunes of the struggling chipmaker that helped launch Silicon Valley but has fallen behind rivals like Nvidia Corp. and Advanced Micro Devices Inc.