It's not just the gaming industry that likes to get fat and then fire everyone, as Intel has announced a cost-cutting exercise where they will be letting go of around 15,000 staff.
Announced as part of their Q2 2024 financial results, followed up by a note from Intel CEO Pat Gelsinger, the reduction in staff is to be completed by the end of the year. No matter how you want to spin it, 15,000 is a ridiculous amount of people overall for a single company to just get rid of.
Gelsinger mentioned how it's "an incredibly hard day for Intel as we are making some of the most consequential changes in our company’s history". Words that will likely fall on deaf ears for those being told their time is up. Why though? According to Gelsinger, Intel's revenue has " not grown as expected – and we’ve yet to fully benefit from powerful trends, like AI".
Their results show they've seen revenue of $12.8 billion in Q2, which is down 1% year over year. Gelsinger notes for example how in 2020 annual revenue was "$24 billion higher than it was last year, yet our current workforce is actually 10% larger now".
How long before the AI bubble really bursts? Or perhaps stuff like this is the beginning.
Intel's shares have fallen about 23% at time of writing.
Article taken from GamingOnLinux.com.
Quoting: motangThis sucks, from what I heard it was for "non-essential" workers.Translated into what happens on the ground floor, that usually means ones who do the actual work. Important people who spend all their time in pointless meetings are "essential".
If you worked at Intel frankly you should have seen the writing on the wall and looking for another Job a long while ago.Jobs aint free and never a 100% in the tech world as fast as tech changes.
Last edited by tohur on 5 August 2024 at 7:08 pm UTC
Quoting: PyrateAt an employee Q&A with CEO Pat Gelsinger, he was asked point-blank why Intel is colluding with the Israeli government and supporting an apartheid regime. Gelsinger dodged the question without answering it.Quoting: sprocketQuoting: PyrateGuess they're too busy powering genocidal rogue states.You definitely aren't wrong about this.
At his point on the internet, I actually can't tell if it's sarcasm or you're being genuine. You being an employee there I guess you could have more insight, so I'd like to know if you know more about this.
As an employee I have my own opinions on this (and they aren't favorable to either the Israeli government for their actions, or Gelsinger for his response) but as someone on the internet I'll let you draw your own conclusions.
Last edited by sprocket on 5 August 2024 at 11:53 pm UTC
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