Intel to cut 15% of headcount, reports quarterly guidance miss • Hacker News Board

Re: Intel to cut 15% of headcount, reports quarterly guidance miss

#11

Post by toomuchtodo » Thu, Aug 01, 2024, 8:31 PM UTC

paulddraper wrote: post #7

toomuchtodo wrote: post #3

Earlier quoted context omitted.

Appears globally. > The chipmaker plans to cut 15% of headcount, which was over 125,000 at the end of the second quarter. https://jobs.intel.com/en/locations ("Creating technology that will improve lives and transform the world is a global effort. Our 131,000 employees work in 65 countries, contributing their diverse perspectives and experiences to our innovative team. Explore our locations and find your perfect fit.…

Stats say they ended 2023 at more than twice that, 282k.

Maybe their locations page is wrong? ¯\_(ツ)_/¯

Re: Intel to cut 15% of headcount, reports quarterly guidance miss

#12

Post by [deleted] » Thu, Aug 01, 2024, 8:31 PM UTC

[deleted]

Re: Intel to cut 15% of headcount, reports quarterly guidance miss

#13

Post by StringyBob » Thu, Aug 01, 2024, 8:33 PM UTC

Intel had over 130,000 employees as of a couple of months ago.

15% layoffs is nearly 20,000 people.

Re: Intel to cut 15% of headcount, reports quarterly guidance miss

#14

Post by rexreed » Thu, Aug 01, 2024, 8:33 PM UTC

paulddraper wrote: post #10

IBM missed earnings by 1% so it cut 15% of workforce? Are those the correct numbers?

No because this is Intel, not IBM.

IBM's problems are worse.

Re: Intel to cut 15% of headcount, reports quarterly guidance miss

#15

Post by ChrisArchitect » Thu, Aug 01, 2024, 8:37 PM UTC

[dupe]

More discussion on official release: https://news.ycombinator.com/item?id=41133084

Re: Intel to cut 15% of headcount, reports quarterly guidance miss

#16

Post by 93po » Thu, Aug 01, 2024, 9:29 PM UTC

oh goodie, what a wonderful job market, especially after already being unemployed for over a year

Re: Intel to cut 15% of headcount, reports quarterly guidance miss

#17

Post by IamLoading » Thu, Aug 01, 2024, 9:41 PM UTC

StringyBob wrote: post #13

Intel had over 130,000 employees as of a couple of months ago. 15% layoffs is nearly 20,000 people.

Thats crazy! Meta got such huge press when they laid of 10k people.

Re: Intel to cut 15% of headcount, reports quarterly guidance miss

#18

Post by brianwawok » Thu, Aug 01, 2024, 10:13 PM UTC

b112 wrote: post #6

This is how you recover the lead, lay off people! Chasing that short term stock price goal really seems counter intuitive here.

On the flip side, trimming 15% of the fat may set them up for better growth in the future. No company has no fat, especially not this big

Re: Intel to cut 15% of headcount, reports quarterly guidance miss

#19

Post by fredski42 » Thu, Aug 01, 2024, 10:21 PM UTC

rexreed wrote: post #14

paulddraper wrote: post #10

IBM missed earnings by 1% so it cut 15% of workforce? Are those the correct numbers?

No because this is Intel, not IBM. IBM's problems are worse.

Please eloborate

Re: Intel to cut 15% of headcount, reports quarterly guidance miss

#20

Post by bryanlarsen » Fri, Aug 02, 2024, 12:37 AM UTC

brianwawok wrote: post #18

b112 wrote: post #6

This is how you recover the lead, lay off people! Chasing that short term stock price goal really seems counter intuitive here.

On the flip side, trimming 15% of the fat may set them up for better growth in the future. No company has no fat, especially not this big

On the gripping hand, no company can trim 15% of their employees without cutting meat & bone too. They may have well over 15% fat but identifying it quickly is impossible.