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Intel Corp (NASDAQ:INTC) plans to cut thousands of jobs to reduce costs and support an ambitious turnaround strategy amid declining earnings and market share.
Intel could announce the workforce reduction as early as this week, Bloomberg cites sources familiar with the matter.
Intel, which will report second-quarter earnings on Thursday, employs about 110,000 people.
Also Read: Intel Sees Positive Week Amid Semiconductor Sector Turmoil, Boosted by AI Chip Prospects
The company's previously dominant position has weakened as competitors like Advanced Micro Devices Inc (NASDAQ:AMD) have gained market share.
CEO Pat Gelsinger is investing heavily in research and development to enhance Intel's technology and regain its leadership in the semiconductor industry.
Gelsinger has initiated a plan to construct factories to produce semiconductors for other companies, something that Taiwan Semiconductor Manufacturing Co (NYSE:TSM) specializes in.
In 2023, Intel reduced its workforce by about 5%, ending the year with 124,800 employees after starting job cuts in October 2022.
Analysts expect a second-quarter revenue and EPS of $12.94 billion and $0.10.
Rosenblatt analyst Hans Mosesmann expects an in-line second-quarter print driven by stable to rising sales growth, improving PC dynamics, and a bottoming out in the Altera, Mobileye, and NEX segments.
However, the third-quarter guide will be vulnerable to AMD's market share gain.
Intel Corp stock lost 16% in the last 12 months. Investors can gain exposure to the stock through Invesco QQQ Trust, Series (NASDAQ:QQQ), and SPDR S&P 500 (NYSE:SPY).
Price Action: INTC shares are trading higher by 2.01% at $30.74 at the lat check on Wednesday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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