Intel Cuts 15-Thousand Jobs

Santa Clara based Intel is cutting 15 thousand jobs, or about 15-percent of its workforce. Its CEO Pat Gelslinger made the announcement in a note to employees Thursday. This comes as the company tries to save ten-billion-dollars in 2025 after posting “disappointing” second quarter results. He said in the note “This is an incredibly hard day for Intel as we are making some of the most consequential changes in our company’s history.” Gelslinger said the move was necessary as costs are currently too high with margins too low.