Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Intel plans thousands of job cuts in face of PC slowdown

bloomberg.com

Post reply on HN
Print view View original

281–290 of 484 posts

Re: Intel plans thousands of job cuts in face of PC slowdown

#281

Post by jrockway »

JamesianP wrote: post #162
jrockway wrote: post #123

Earlier quoted context omitted.

Retirement funds do pretty OK here. Early in your career you'll mostly hold something like an S&P 500 index fund or a total stock market fund, as you get closer to retirement they shift the allocation towards safer investments. I don't love this; the total stock market is a lot of tech companies, and I already have plenty of exposure to tech by working in the field. It's a good heuristic for most people, though. (And…

Which retirement funds are doing ok this time around? They typically switch to bonds which thanks to inflation are down something like 20 percent in the last year (some more like 30), despite yielding far less than stocks in the best of times.

It's the right strategy in general, not a strategy guaranteed to never lose money. Your savings account is down 20% year over year in terms of purchasing power because what $1 is changed dramatically. Rare event, and sometimes you're just screwed.

If I had a time machine, I would definitely use it to time the market!

Re: Intel plans thousands of job cuts in face of PC slowdown

#282

Post by AareyBaba »

hn_throwaway_99 wrote: post #32

I think this is the first major layoff announcement at a big, established tech firm I've heard this year that is anywhere near this size. I mean, there have been loads of "couple hundred" employee layoffs, and certainly a lot of hiring slowdown/freezes, but again, haven't seen anything else near this big, and the layoffs previously seem to have been concentrated in unprofitable VC-funded companies. I know Tesla laid…

To be clear, AMD third quarter revenue is expected to be approximately $5.6 billion, an increase of 29% year-over-year. Previous guidance was 55% YoY.

Re: Intel plans thousands of job cuts in face of PC slowdown

#283

Post by nostromo »

SevenNation wrote: post #63

Can't read the article, but for context Intel's share price never recovered from the "dot com" bubble of 2000: https://www.tradingview.com/chart/?symbol=INTC It's one of a few large companies with that distinction. Shares now offer a (relatively) regal 5.3% dividend yield and a price/earnings ratio just above 5. Of course, as profits dwindle, both metrics will be recalibrated downward. This seems relevant because dur…

> Shares now offer a (relatively) regal 5.3% dividend yield

US treasuries are nearing 4% and are risk free.

Re: Intel plans thousands of job cuts in face of PC slowdown

#284

Post by lxgr »

hn_throwaway_99 wrote: post #32

I think this is the first major layoff announcement at a big, established tech firm I've heard this year that is anywhere near this size. I mean, there have been loads of "couple hundred" employee layoffs, and certainly a lot of hiring slowdown/freezes, but again, haven't seen anything else near this big, and the layoffs previously seem to have been concentrated in unprofitable VC-funded companies. I know Tesla laid…

DocuSign laid off ~over 7000~ 7% of 7000, as well: https://www.cnbc.com/2022/09/28/docusign-to-cut-workforce-by...

Re: Intel plans thousands of job cuts in face of PC slowdown

#285

Post by smelendez »

lxgr wrote: post #284
hn_throwaway_99 wrote: post #32

I think this is the first major layoff announcement at a big, established tech firm I've heard this year that is anywhere near this size. I mean, there have been loads of "couple hundred" employee layoffs, and certainly a lot of hiring slowdown/freezes, but again, haven't seen anything else near this big, and the layoffs previously seem to have been concentrated in unprofitable VC-funded companies. I know Tesla laid…

DocuSign laid off ~over 7000~ 7% of 7000, as well: https://www.cnbc.com/2022/09/28/docusign-to-cut-workforce-by...

It looks like DocuSign has just over 7,000 employees and it's laying off 7% of them (so somewhere around 500-600)?

Re: Intel plans thousands of job cuts in face of PC slowdown

#286

Post by shakezula »

hn_throwaway_99 wrote: post #32

I think this is the first major layoff announcement at a big, established tech firm I've heard this year that is anywhere near this size. I mean, there have been loads of "couple hundred" employee layoffs, and certainly a lot of hiring slowdown/freezes, but again, haven't seen anything else near this big, and the layoffs previously seem to have been concentrated in unprofitable VC-funded companies. I know Tesla laid…

Anecdata here but: literally every single dev I talk to on a regular basis has told me their company has laid off a sizable amount of staff in the last 3 months. Every single one.

Re: Intel plans thousands of job cuts in face of PC slowdown

#287

Post by _carbyau_ »

xboxnolifes wrote: post #256
jimmygrapes wrote: post #235

Earlier quoted context omitted.

What's the difference between historically high employment rates and historically low unemployment rates?

(employment rate) = (employed people) / (total people) (unemployment rate) = (people not currently working, but actively looking) / (total people) The first includes all people, the second excludes those not working, but also not looking.

In Australia at least "unemployed" according to parliament: https://www.aph.gov.au/About_Parliament/Parliamentary_Depart...

"The Australian Bureau of Statistics (ABS) defines a person who is unemployed as one who, during a specified reference period, is not employed for one hour or more, is actively seeking work, and is currently available for work"

So if you are desperately looking for more work BUT you have a casual job providing 1 hour of work THEN you are NOT unemployed. I mean, it's right there that you have a job.

Given the high rates of casual/part time work in our workforce, unemployment rates mean nothing to me anymore...

Re: Intel plans thousands of job cuts in face of PC slowdown

#288

Post by xwolfi »

cowmix wrote: post #117
disillusioned wrote: post #30

Isn't this just a culmination of nearly a decade of unforced errors and mismanaged strategy? I'm a complete outsider but I see a couple of fundamental huge misses by Intel over the past 10 or so years: 1) Completely missed the boat on mobile. Their ARM-competitive chips (Atom, etc.)... weren't. Missed on every measure from power to performance. Let Qualcomm and Samsung eat their lunch. 2) Missed too many ticks and re…

I've typed this before but I'll type it again here. About 10 years ago I ran the local Python Meetup group here in Phoenix. Intel had/has a big presence here and one of they guys who worked on the Atom team (doing compiler optimizations for that chip family) told us (at one of the Meetups)Intel corporate didn't like how good a processor Atom was shaping up to be. They were worried it would start to cannibalize their…

All that to end up with giant cloud providers selling arm servers...

Re: Intel plans thousands of job cuts in face of PC slowdown

#289

Post by rvz »

briandear wrote: post #178
hn_throwaway_99 wrote: post #32

I think this is the first major layoff announcement at a big, established tech firm I've heard this year that is anywhere near this size. I mean, there have been loads of "couple hundred" employee layoffs, and certainly a lot of hiring slowdown/freezes, but again, haven't seen anything else near this big, and the layoffs previously seem to have been concentrated in unprofitable VC-funded companies. I know Tesla laid…

Oracle is/was laying off thousands as of August. Within the past 12 months: Peloton laid off over 4000. Snap 1280 (which is 20% of the company,) Shopify 1000 (10%.) Groupon laid off 15%. Salesforce, 1000. Microsoft 1800. Carvana (while not "big established" it's still a lot of people) laid off 2500. Tencent laying off 5500. Alibaba: 9500, ByteDance: 1000, Zillow 2300. This definitely isn't really the first major layo…

> My point is that this isn't surprising, the writing has been on the wall for the past year, so an Intel layoff isn't a bellwether for things getting bad -- it's a lagging indicator of things already being bad.

Yeah. It certainly was not a surprise and the market euphoria was going to all end in tears. Saw that a mile away several months before it happened. [0]

[0] https://news.ycombinator.com/item?id=29508238

Re: Intel plans thousands of job cuts in face of PC slowdown

#290

Post by missedthecue »

arroz wrote: post #242
lame-robot-hoax wrote: post #232

Earlier quoted context omitted.

Is Intel meant to be a jobs program? Should they just hire and retain people they don’t need…just to keep them employed? Should they hire me to twiddle my thumbs for $100k a year just because they can afford to? Increasing productivity is a good thing actually.

a company that has low profit and employees a lot of people as a lot more beneficial for society than the opposite

Why so? I think it would better if everyone were in a productivity maximizing role, not busywork.
Post reply on HN