Intel has suspended hiring for its desktop and laptop chip business. This follows from the order of the company. It is noted that some applications may be considered in two weeks.
In a memo sent to all employees on Tuesday, CEO Pat Gelsinger also said the company will "slow down" hiring and take on 23,000 newly hired employees over the next 90 days. At the end of 2021, Intel employed 121,000 people.
Shares are down nearly 28% over the past year, the source said, as the blue team has to compete with AMD (in the processor market) and TSMC (in the semiconductor manufacturing market). In addition, the company also lost a significant portion of its profits due to Apple's switch to its M-series processors.
Other cost-cutting methods are also being proposed, including the cancellation of certain travel and business trips, limiting participation in industry conferences, and a new group meeting format when possible.
Earlier it was reported that Intel again postponed the release of Sapphire Rapids processors.