We're on track (seemingly) for saving the 3 billion they want from '23.
They want to save 8-10 billion total by 2024 (or maybe it was 2025 I forget)
Considering a significant portion of that 3 billion was made from layoffs - does that mean we're looking at even higher rates next year to hit the extra 5-7 billion?
I don't see how else they could hit that goal
This is like government cuts... It means the cuts are a reduction from the prior high growth plans, not actually current spending. It's a slight of hand with no real transparency or accounting.
How are there cost savings in letting go of any old guys like me? I took the CPM package in December and they basically paid me in January for nearly all of 2023 plus my 2022 bonus. So, for 2023 Intel didn't save anything on letting me go and if anything paid me a bit more as they based my CPM payout on 2022 wages which were 5% higher.
No real answers?
A couple of quarters later all this talk of cost cutting will go away. Business conditions will improve and the managers will go back to their merry spending ways, with encouragement from ELT and Pat.
@Pat Gelsinger please cut your salary by another 25% to save the sinking ship
Accounting chicanery (e.g. increasing depreciation life of equipment) and claiming savings based on reduction in prior wild growth assumptions can only be hidden so long when you are losing market share in a commoditized market.
The desire to save employees is noble, but in the end more layoffs are on the way.
Why wouldn’t Intel just stuff anything that’s going into Chyina with fentanyl? And why wouldn’t the US government support this? Prop Intel’s cash flow while returning the favor of poisoning competition.
They need to stop fab expansion.
Proverbs 23:4-5 Do not wear yourself out to get rich; do not trust your own cleverness.Cast but a glance at riches, and they are gone, for they will surely sprout wings and fly off to the sky like an eagle.