Tech layoffs: Intel to fire more employees to cut costs after 36% dip in revenues

As part of layoffs that cast a dark shadow over the tech sector, Intel had fired 340 people back in February, along with pay cuts for the remaining employees including its Chief Executive Officer. The cost cutting measure clearly didnt have the intended effect as the chipmaker posted poor quarterly earnings once again.

Following the underwhelming performance, Intel is set to sack more people in order to slash costs, although it hasn't specified how many.

Prioritising long term sustainability

The layoff that comes after a 36 per cent dip in revenue, is being touted as a way to ensure long term growth, and will affect people across the board.

Before this, the round of job cuts at Intel had affected employees in Bengaluru, but it isn't clear how many will lose jobs this time around.

It is still not known if employees at the US-based chip manufacturing giant have started receiving termination letters or not.

Layoffs not slowing down anytime soon

With this move, Intel has joined the ranks of Amazon and Meta that have already proceeded with a second round of layoffs.

Last month, Google CEO Sundar Pichai also admitted that the tech giant may initiate another round of layoffs.

More than 1.68 lakh techies have been left jobless during the current layoffs in the US alone, as the sector has been hit by the worst job cuts since the dot com bubble burst.