Latest news with #IntelVisionconference
Yahoo
20-05-2025
- Business
- Yahoo
Intel is reportedly exploring a sale for its networking and edge unit
Intel CEO Lip-Bu Tan continues to consider ways to help semiconductor giant refocus on its core business. Intel is allegedly considering selling its networking and edge unit, according to reporting to Reuters, as Tan looks to shed business divisions that aren't considered critical. This unit builds makes chips for telecom equipment and was responsible for $5.8 billion of revenue in 2024. Intel has started engaging with potential buyers but has not launched a formal sales process, Reuters reported. If Intel does end up pursuing a sale, it wouldn't be surprising. Tan has made it clear that he wants the company to refocus on its core business units — PCs and data center chips. In March, Tan told Intel's customers that the company would spin off its non-core assets at the company's Intel Vision conference. TechCrunch has reached out to Intel for more information. This article originally appeared on TechCrunch at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
NDTV
24-04-2025
- Business
- NDTV
Intel To Cut 20% Workforce Amid Major Restructuring Efforts: Report
New Delhi: Tech behemoth Intel Corporation is planning to cut 20 per cent of its workforce. The Santa Clara-based company is expected to make an announcement sometime this week, according to a report in Bloomberg News. Once one of the biggest US chip manufacturers, Intel has decided to slash a part of its workforce for smoother operations and to eliminate bureaucracy. The move comes after Lip-Bu Tan took over as the CEO in March. It's the first major restructuring under Mr Tan, who wants to catch up with rivals, especially after falling behind Nvidia in making AI chips. The company plans to focus more on engineering, the report added. Intel has seen its sales drop three years in a row and has trailed Nvidia when it comes to advancements in technology. Mr Tan plans to sell off parts of Intel's assets that don't align with the company's central mission. He is trying to focus on creating more compelling and better products. Former CEO Pat Gelsinger admitted that the company lost its drive to compete and was too slow to keep up with market changes. He added that he tried to fix things but didn't get the chance. Last week, Intel announced it will sell 51 per cent of its stake in its programmable chips unit, Altera, to Silver Lake Management. During the Intel Vision conference in March, Mr Tan said, "Intel needs to replace the engineering talent it has lost, improve its balance sheet and better attune manufacturing processes to the needs of potential customers". Mr Tan added, "It [turnaround] won't happen overnight. But I know we can get there." Apart from the aforementioned measures, the company has put several of its expansion plans, including a major factory in Ohio that was supposed to be the world's biggest chip-making site, on hold. Last August, the company cut about 15,000 jobs. Intel had 1,08,900 employees at the end of 2024, down from 1,24,800 the previous year, according to reports.
San Francisco Chronicle
23-04-2025
- Business
- San Francisco Chronicle
Intel to slash 20% of workforce in bold bid to reclaim tech dominance
Intel is preparing to lay off more than 20% of its global workforce this week in a sweeping restructuring plan aimed at streamlining its management and reviving an engineering-focused culture, according to a Bloomberg report. The cuts come under newly appointed chief executive Lip-Bu Tan, who took the helm of the company last month and is looking to streamline operations following years of declining sales and lost ground to rivals in artificial intelligence. The layoffs would mark Intel's largest workforce reduction to date, and follow a round of 15,000 job cuts announced in August 2024. Intel reported having 108,900 employees at the end of last year, down from 124,800 the year before. 'These decisions have challenged me to my core,' said former CEO Pat Gelsinger last year, describing the restructuring process as among the most difficult moments of his tenure. A spokesperson for Intel did not immediately respond to a request for comment. The company is expected to detail its plans further during its first-quarter earnings report on Thursday. Tan, a veteran of Cadence Design Systems, vowed to divest non-core units and invest in more competitive products. Last week, Intel sold a 51% stake in its programmable chip unit, Altera, to Silver Lake Management. 'It won't happen overnight,' Tan said at the Intel Vision conference last month. 'But I know we can get there.'
Yahoo
23-04-2025
- Business
- Yahoo
Intel poised to slash more than 20% of workforce
Tech giant Intel is set to announce plans to reduce its workforce by more than 20%, Bloomberg has reported, citing a person familiar with the matter. This move is part of new CEO Lip-Bu Tan's strategy to streamline management and revitalise the company's engineering-driven culture. The anticipated job cut would mark the first major restructuring under Tan, who assumed leadership last month. The company previously announced a layoff of around 15,000 employees in August last year. Intel's workforce stood at 108,900 by the end of 2024, a decrease from 124,800 the previous year Tan aims to revitalise the company after Intel lost ground in AI computing to competitors such as chipmaker Nvidia, resulting in three consecutive years of declining sales, the news agency added. The Santa Clara, California-based company has struggled to maintain its technological edge with Tan committing to divesting non-core assets and developing compelling products. Recently, Intel agreed to sell a 51% stake in its programmable chips unit, Altera, to Silver Lake Management. At the Intel Vision conference last month, Tan emphasised the need to replace lost engineering talent, improve the balance sheet and align manufacturing processes with customer needs. Tan is expected to outline more of his strategy when Intel announces first-quarter results, scheduled to be released this week. Tan was appointed CEO following the departure of Pat Gelsinger, who faced challenges in executing his turnaround plans for Intel. Gelsinger's initiatives included expanding the factory network and transforming Intel into a made-to-order chip manufacturer. However, Intel has since delayed much of this expansion, including an Ohio facility initially expected to be the world's largest chip production hub. Intel was also expected to benefit significantly from the 2022 Chips and Science Act, but the programme's status is uncertain under US President Donald Trump, the agency added. "Intel poised to slash more than 20% of workforce – report " was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
23-04-2025
- Business
- Yahoo
Intel to Announce Plans This Week to Cut Over 20% of Staff
(Bloomberg) -- Intel Corp. is poised to announce plans this week to cut more than 20% of its staff, aiming to eliminate bureaucracy at the struggling chipmaker, according to a person with knowledge of the matter. Trump Gives New York 'One Last Chance' to End Congestion Fee DOGE Visits National Gallery of Art to Discuss Museum's Legal Status The Racial Wealth Gap Is Not Just About Money Backyard Micro-Flats Aim to Ease South Africa's Housing Crisis The move is part of a bid to streamline management and rebuild an engineering-driven culture, according to the person, who asked not to be identified because the plans are private. It would be the first major restructuring under new Chief Executive Officer Lip-Bu Tan, who took the helm last month. The cutbacks follow an effort last year to slash about 15,000 jobs — a round of layoffs announced in August. Intel had 108,900 employees at the end of 2024, down from 124,800 the previous year. A representative for Intel declined to comment. Intel shares rose as much as 3.5% in premarket trading before New York exchanges opened on Wednesday. The stock has declined about 43% in the past 12 months and closed at $19.51 on Tuesday. Tan is aiming to turn around the iconic chipmaker after years of Intel ceding ground to rivals. The Santa Clara, California-based company lost its technological edge and has struggled to catch up with Nvidia Corp. in artificial intelligence computing. That contributed to three straight years of sales declines and mounting red ink. Tan, a veteran of Cadence Design Systems Inc., has vowed to spin off Intel assets that aren't central to its mission and create more compelling products. Last week, the company agreed to sell a 51% stake in its programmable chips unit Altera to Silver Lake Management, a step toward that goal. Intel needs to replace the engineering talent it has lost, improve its balance sheet and better attune manufacturing processes to the needs of potential customers, Tan said last month at the Intel Vision conference. The company is scheduled to report first-quarter results on Thursday, giving Tan an opportunity to lay out more of his strategy. Though the worst of Intel's revenue declines are now behind it, according to Wall Street estimates, analysts aren't projecting a return to its previous sales levels for years, if ever. The 65-year-old executive was hired after last year's ouster of CEO Pat Gelsinger, who struggled to execute his own turnaround bid for Intel. He had embarked on a costly effort to expand the company's factory network — and sought to turn Intel into a made-to-order chip manufacturer. But Intel has now delayed much of its expansion effort, including plans for an Ohio facility that was once expected to become the world's largest chip production hub. Intel also had been poised to be the biggest beneficiary of money from the 2022 Chips and Science Act, but that program is now in flux under President Donald Trump. A manufacturing partnership with Taiwan Semiconductor Manufacturing Co. — the source of investor speculation in recent months — also seems less likely to happen. TSMC CEO C. C. Wei said last week that the company would remain focused on its own business. Along the way, Intel missed out on the most lucrative new field for the chip industry in decades. The company, which long dominated the market for personal computer and data center processors, was slow to respond to the shift to AI. That upheaval allowed Nvidia to grow from a niche player into the world's most valuable semiconductor company — with revenue that now eclipses Intel's sales. Gelsinger himself admitted that the company had lost its competitive spirit and expressed frustration with the speed at which it reacted to a changing market. He wasn't given the time he'd said he would need to do something about that. Tan, in his first public appearance as CEO last month, said the turnaround would take time and wouldn't be easy. 'It won't happen overnight,' he said. 'But I know we can get there.' (Updates with premarket share reaction in fifth paragraph.) As More Women Lift Weights, Gyms Might Never Be the Same Why US Men Think College Isn't Worth It Anymore The Guy Who Connected Donald Trump to the Manosphere Eight Charts Show Men Are Falling Behind, From Classrooms to Careers Why Brunello Cucinelli Is Well Suited for a Trade War ©2025 Bloomberg L.P.
