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July 31 news,IntelThe company is planning a large-scaleLayoffsThe move, expected to affect thousands of employees, is aimed at cutting costs and financing the company's strategic recovery plan to reverse falling profits and market share.

The layoffs could be announced this week, just as Intel plans to release its second-quarter earnings report on Thursday. Currently, Intel has a total of about 110,000 employees worldwide, excluding employees of divested departments.

Chief Executive Officer Pat Gelsinger is stepping up research and development investments to boost Intel's technology and help it regain its lead in the semiconductor industry as its former market dominance is challenged.AMDCompetitors such as the United States and China have emerged rapidly and continuously eroded its market share.

Intel's official spokesperson chose not to comment on the layoff rumors. However, after the news was released, Intel's stock price rose by about 1% in after-hours trading, reaching a high of $31.11 on the day.

NvidiaChipmakers such as Intel and Intel are accelerating their efforts to focus on high-margin semiconductor products tailored for high-demand artificial intelligence tasks. In contrast, Intel still faces challenges in adjusting the imbalance between supply and demand in its core business of notebook and desktop computer chips.

In order to meet technological challenges and seek breakthroughs, Kissinger is promoting the strategy of building semiconductor factories, planning to build semiconductor factories for other chip manufacturers to enhance Intel's chip foundry competitiveness. Last week, Intel hiredMicron TechnologyNaga Chandrasekaran of NVIDIA has been appointed as Chief Global Operating Officer, responsible for the company's overall manufacturing operations.

Intel has reduced its total workforce by about 5% to 124,800 and cut spending in non-core business areas since announcing the layoffs in October 2022. The company expects these cost-cutting measures to save up to $10 billion by 2025.

Analysts predict that Intel's upcoming second-quarter revenue will be roughly the same as the same period last year. According to Wall Street estimates, revenue will grow moderately in the second half of 2024, and total sales for the year are expected to increase by 3% to $55.7 billion, which will be Intel's first annual revenue growth since 2021. (Xiaoxiao)