Chinese CEO Announces Mass Layoffs at US Chip Giant, Impacting 20,000+ Jobs
26 April 2025 · Uncategorized ·
Result
Intel is reportedly preparing its largest layoffs since the company’s founding in 1968, under the direction of newly appointed CEO Dr. Li Bu Chen. Sources indicate the company will announce a layoff plan this week impacting more than 20% of its workforce. With approximately 108,900 employees worldwide as of December 2024, the potential job losses could exceed 21,800 individuals.
Dr. Chen, born in Malaysia and raised in Singapore, holds degrees in physics and nuclear engineering from MIT, and an MBA from the University of San Francisco. Intel's share price rose 6.69% on April 23rd, resulting in a market value of $90.76 billion. These potential layoffs follow a series of workforce reductions in recent years, driven by financial pressures, increased competition, and strategic realignment. In 2022, Intel laid off approximately 5% of its workforce (12,000 employees) to address the declining PC market. Subsequently, in May 2023, the company implemented cost-cutting measures equivalent to roughly 10% of its expenses, prioritizing investments in artificial intelligence and advanced manufacturing.
Intel is reportedly preparing its largest layoffs since the company’s founding in 1968, under the direction of newly appointed CEO Dr. Li Bu Chen. Sources indicate the company will announce a layoff plan this week impacting more than 20% of its workforce. With approximately 108,900 employees worldwide as of December 2024, the potential job losses could exceed 21,800 individuals.
Dr. Chen, born in Malaysia and raised in Singapore, holds degrees in physics and nuclear engineering from MIT, and an MBA from the University of San Francisco. Intel's share price rose 6.69% on April 23rd, resulting in a market value of $90.76 billion. These potential layoffs follow a series of workforce reductions in recent years, driven by financial pressures, increased competition, and strategic realignment. In 2022, Intel laid off approximately 5% of its workforce (12,000 employees) to address the declining PC market. Subsequently, in May 2023, the company implemented cost-cutting measures equivalent to roughly 10% of its expenses, prioritizing investments in artificial intelligence and advanced manufacturing.