Intel confirms it will cut a third of its workforce by the end of 2025

Intel aims to reduce its workforce to 75,000 by the end of 2025, a significant decrease from its previous 108,900 employees. This workforce reduction is a key part of Intel's strategy to lower its non-GAAP operating expenses to $17 billion this year and $16 billion by the end of 2026. Intel is abandoning new expansion projects in Germany and Poland as part of its cost-cutting measures. The company also plans to consolidate its Costa Rican operations into facilities in Vietnam and Malaysia. Intel will also slow down the pace of its expansion at a construction site in Ohio. These changes are intended to improve Intel's execution and drive greater efficiency. CEO Lip-Bu Tan, appointed to turn around Intel's business, has been open about his downsizing plans. The operating performance is showing initial progress in improving execution and efficiency. These measures are aimed at addressing Intel's financial challenges after a period of decline.