As of Dec 31st 2022 intel employees increased to 131.9k from 131.5k. WTF Pat doing? He should be cutting employees aggressively when revenues and gross margins are going downhill. He needs to fire minimum 40% staff to improve margin.
Here is pdf for pathetic Q4 results and weak weak guidance Q1 2023.
https://d1io3yog0oux5.cloudfront.net/_a081bf5ca0077947c7743abee8961110/intel/db/887/8894/earnings_release/Q4+22_EarningsRelease.pdf
Agree with @Op, 30% HC reduction happen now.
What a massive fupa. Certainly some of the layoffs were in Q4 and the clock starts ticking after your pool time is over... so, much of the cuts would maybe be Q1...
but, what a disaster the company should have got on top of this much much sooner. Watch next, you will see some very large powerful activist investors make public demands for reset here.
All hands meeting scheduled to discuss cost cutting efforts in my BU
A guy in my team joined in November, got an offer a few months before. Hiring did not stop immediately.
Layoffs didn't start until mid-December, but regardless, it's not the number of employees, it's where they're located. As always, they'll lay off people in expensive countries and hire more in low-cost geos.
PG is a very effective influencer outside Intel. But Inside Intel? Results show him up.
Disaster of sorts! Who would have imagined the whole company will defy board and the CEO !!
While others are laying off their employees, intel makes our family bigger :)