Intel to cut 15% of headcount, reports quarterly guidance miss
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Re: Intel to cut 15% of headcount, reports quarterly guidance miss
#2Globally, or just in the US?
Re: Intel to cut 15% of headcount, reports quarterly guidance miss
#3Globally, or just in the US?
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.")
Re: Intel to cut 15% of headcount, reports quarterly guidance miss
#4[deleted]
Re: Intel to cut 15% of headcount, reports quarterly guidance miss
#5Some of the financial punchline:
Revenue: $12.83 billion vs. $12.94 billion expected, $110M under expectation, and revenue declined 1% year over year in the fiscal second quarter.
Why is this a punchline?
Because their core business, the Client Computing Group that makes PC chips contributed $7.41 billion in revenue, up 9% and right around the $7.42 billion consensus, so that part is doing fine.
But the Intel’s Data Center and Artificial Intelligence unit posted $3.05 billion in revenue. The result was down 3% and lower than the $3.14 billion StreetAccount consensus, which accounts for pretty much all of the decline in expectation.
The shortfall almost entirely is in the Data Center and AI Unit.
Bellweather?
Re: Intel to cut 15% of headcount, reports quarterly guidance miss
#6This is how you recover the lead, lay off people! Chasing that short term stock price goal really seems counter intuitive here.
Re: Intel to cut 15% of headcount, reports quarterly guidance miss
#7Globally, or just in the US?
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.
Re: Intel to cut 15% of headcount, reports quarterly guidance miss
#8Globally, or just in the US?
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.…
Whew. That's a lot of jobs. Currently https://layoffs.fyi/ counts 380 tech companies w/ layoffs 109,297 employees laid off from 380 tech companies this year. Though I wonder what counts as a "tech job". For example, is the sales team included?
Re: Intel to cut 15% of headcount, reports quarterly guidance miss
#9Some of the financial punchline: Revenue: $12.83 billion vs. $12.94 billion expected, $110M under expectation, and revenue declined 1% year over year in the fiscal second quarter. Why is this a punchline? Because their core business, the Client Computing Group that makes PC chips contributed $7.41 billion in revenue, up 9% and right around the $7.42 billion consensus, so that part is doing fine. But the Intel’s Data…
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Re: Intel to cut 15% of headcount, reports quarterly guidance miss
#10IBM missed earnings by 1% so it cut 15% of workforce?
Are those the correct numbers?