Intel is cutting back on its workforce in order to cut costs. The chipmaker did not reveal the exact number of jobs affected. The layoffs are expected to be made across the board.
Intel's largest quarterly loss ever was reported last month, due to the slump in sales of personal computers.
The first quarter saw a loss of $2.8 Billion and a revenue drop of 36% year-over-year. Despite the company still paid $1.5 billion as dividends.
The Wall Street Journal in October reported that Intel was beginning targeted job cuts and aimed to reduce costs by $3 billion in 2023.
Intel has laid off over 500 employees in California since the job cuts announced last fall.
Intel also faces increased competition from rivals such as Taiwan Semiconductor Manufacturing Co. AMD and Nvidia which is eroding Intel’s market share in several key industries.
The Intel 4 process, which is set to begin mass production in the second half of 2023, represents a particularly important element of Intel's growth strategy.