There are concerns about potential layoffs at Intel’s Irish division following the company’s announcement that it intends to eliminate 15,000 positions worldwide, or 15% of its total staff, reports RTE.
The number of jobs affected would differ for each business unit and each area, according to an Intel representative.
The corporation stated that it is not releasing an estimate of the potential impact in Ireland at this time. In Ireland, Intel has 4,900 employees.
Following the release of its unsatisfactory Q2 financial results, Intel declared that it will save $10 billion (€9.27 billion) in costs by 2025, reports RTE.
It is anticipated that most of the job losses would be finished by the end of this year.
Following news of the anticipated job layoffs, the company’s shares fell more than 25% at today’s opening on Wall Street.
Intel CEO Pat Gelsinger sent out a memo to workers stating that the business would unveil an application scheme for voluntary departures and an upgraded retirement option for qualified employees the following week.
“This is painful news for me to share. I know it will be even more difficult for you to read. This is an incredibly hard day for Intel as we are making some of the most consequential changes in our company’s history,” Mr Gelsinger said in his message to staff. Our revenues have not grown as expected and we’ve yet to fully benefit from powerful trends, like AI,” reports RTE.
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