Intel Announces Layoffs After Paying $1.5 Billion In Q1 Dividends

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Article written by Ramish Zafar, via on 08 May 2023

Chipmaker Intel Corporation has confirmed another wave of layoffs after rumors suggested that the firm was reducing budgets for its data center and client computing business divisions.
Now, in a statement sent to Tom’s Hardware, the Santa Clara, California technology giant has shared that it is undergoing “function-specific workforce reductions.”
Rumors of layoffs at Intel surfaced last week when Dylan Patel of Semianalysis tweeted about it and shared:Very unfortunate news, but massive layoffs at Intel coming!
We are focused on identifying cost reductions and efficiency gains through multiple initiatives, including some business and function-specific workforce reductions in areas across the company.
This news follows February’s pay cuts that saw Intel suspend merit bonuses and reduce salaries by up to 25%.

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