Intel plans targeted layoffs in November

Intel plans to carry out targeted layoffs in November this year. After the market closed on Thursday, Intel Chief Executive Officer (CEO) Pat Gelsinger addressed employees via video, promising to announce more details on November 1.

Last week, people familiar with the matter said Intel could lay off thousands of jobs to cut costs as demand for personal computers (PCs) fell. The layoffs could be announced as early as this month. Among them, some departments such as sales and marketing may lay off about 20% of staff.

Intel's layoffs come at a time when a slump in PC demand has caused a sharp drop in revenue and Intel is trying to get back to the forefront of chip manufacturing.

This is not Intel's first large-scale layoffs. The company had two rounds of large-scale layoffs in 2015 and 2016, with a total of 13,000 layoffs. At the time, the company restructured to prepare for a prolonged decline in the PC business.

Intel is scheduled to report earnings on October 27 after the stock market closes.

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