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.)

The chipmaker plans to reduce headcount from 96,400 to 75,000 employees amid restructuring and steeper Q3 losses.

Intel’s stock jumped early in 2025 as optimism built around new leadership, but shares fell over 9% after Thursday’s Q2 earnings and layoff announcement, threatening to erase