bay area intel to lay off 235 employees; see details
Intel, an American multinational corporation and technology company, is set to lay off 235 employees in its fifth round of job cuts this year. Santa Clara-headquartered company has said that employees will be laid off at its research and development facility in Folsom, Sacramento County, San Francisco Bay Area, a region in California.
A company spokesperson said, “Intel is working to accelerate its strategy while reducing costs through multiple initiatives, including some business and function-specific workplace reductions across the company.”
Who all are at risk?
In the company’s fifth round of job cuts this year, 235 employees will be laid off at its research and development facility in Folsom in Sacramento County on December 31.
Layoffs will take place over two weeks. More employees will be laid off in the New Year. Intel aims to cut costs by $10 billion by 2025. The company’s goal will be achieved through layoffs, reduced hours and selling divisions.
Layoffs will take place in December and January. Previously, Intel laid off 549 employees at its Folsom campus, which accounted for just over 10 per cent of the total staff. In August, Intel planned to lay off more than 300 California employees in a wide range of roles.
Intel has been making job cuts over the past several months. The layoff affected a total of 315 employees, split between 175 at the company’s Santa Clara headquarters, 89 in Folsom and 51 in San Jose.
The company had 131,900 employees by the end of 2022. Currently, the company has more than 13,000 people across California.
The tech industry has witnessed major layoffs this year. Big tech companies like Google, Amazon, Microsoft, Yahoo, Meta and Zoom have laid off thousands of employees this year. More than 240,000 job cuts have taken place in 2023. Layoff tsunami affected 7,331 employees in the tech industry in October. Around 4,632 employees were laid off in September.