Author: Pat Gelsinger

Intel CEO Pat Gelsinger sent the following note to employees after second-quarter 2024 earnings were published on Aug. 1, 2024: Team, We have moved our All Company Meeting to today, following our earnings call, as we are announcing significant actions to reduce our costs. We plan to deliver $10 billion in cost savings in 2025, and this includes reducing our head count by roughly 15,000 roles, or 15% of our workforce. The majority of these actions will be completed by the end of this year. This is painful news for me to share. I know it will be even more…