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KEY TAKEAWAYS
- Intel shares rose Wednesday, following a report the struggling chipmaker is planning to cut more than 20% of its staff.
- The layoffs are part of Intel’s bid to streamline its operations, Bloomberg reported, citing a person with knowledge of the matter.
- Intel is set to report quarterly earnings after markets close on Thursday, in what will mark its first report since CEO Lip-Bu Tan took the helm last month.
Intel (INTC) shares surged Wednesday, following a report the struggling chipmaker could announce plans this week to reduce more than 20% of its staff.
The layoffs are part of Intel’s bid to streamline its operations, Bloomberg reported, citing a person with knowledge of the matter, and would mark the first major effort to do so since CEO Lip-Bu Tan took over running the company last month.
Intel declined to comment on the report.
Intel in August had announced a plan to lay off 15% of its workforce as part of a $10 billion cost-savings plan. The U.S. chipmaker is slated to report quarterly earnings after markets close on Thursday, also its first report since Tan took the helm.
Tan had replaced Pat Gelsinger, who retired late last year after failing to turn around the U.S. chipmaker. Under Gelsinger, Intel’s manufacturing business struggled to compete with global players like Taiwan Semiconductor Manufacturing Co. (TSM).
Intel shares were up over 6% in early trading Wednesday, but have lost about 40% of their value in the past 12 months. (Read Investopedia’s live coverage of today’s market action here.)
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