News

Intel To Slash 1,000 Management Jobs

Intel Corp. plans to cut 1,000 management jobs worldwide in an effort to reduce costs and make its operations more efficient, the world's largest computer chip maker said Thursday.

Intel declined to say how much money would be saved or the cuts would result in a charge against earnings. The company planned to provide more detail Wednesday, when it releases its results for the second quarter, said spokesman Chuck Mulloy.

In April, the Santa Clara-based company reported a 38 percent drop in first-quarter profit as demand slackened for personal computers and competition from smaller rival Advanced Micro Devices Inc. heated up.

Chief Executive Paul Otellini vowed to restructure the company in a move aimed at saving the company $1 billion a year.

Over the past five years, the percentage of managers hired at Intel has grown faster than that for the overall employee population, Mulloy said.

Intel shares rose 5 cents, or less than 1 percent, to $17.93, in early afternoon trading on the Nasdaq Stock Market.

Featured

  • Nebula

    Ahead of AGI, Microsoft and OpenAI Redefine Their Partnership

    In a recapitalization announced Tuesday, OpenAI has launched a new public benefit corporation (PBC) called OpenAI Group, giving Microsoft a 27 percent ownership stake valued at approximately $135 billion.

  • Veeam Acquires Securiti AI To Unify Data Resilience and AI Security

    Veeam Software is making a strategic move into AI and data security by acquiring Securiti AI for $1.7 billion.

  • Microsoft Adds 'Mico' Virtual Assistant to Copilot in Major Fall Update

    In a significant feature update, Microsoft on Thursday said it is reshaping its Copilot AI platform with features that deepen user personalization and enable real-time group collaboration, among other perks.

  • Nutanix Partner Central Rolls Out To Boost Channel Engagement

    Nutanix on Wednesday launched a new platform, Partner Central, to give its channel partners a unified digital workspace for managing sales, tracking incentives and collaborating more effectively.

Most   Popular