Intel's CFO David Zinsner, told Barron's that the company will be cutting a "meaningful number" of employees from Intel's payroll. Gelisinger stated that Intel "need to balance increased investment in areas like leadership in, product, and capacity in Ohio and Germany, with the efficiency measures elsewhere as we drive to have best in class structures." Although Gelsinger didn't reveal the specifics of what these cost cuts will entail, he did mention quite a few potentials, according to The Register. This has put Intel CEO Pat Gelsinger in a bind, as he's been forced to announce cost cuts of US$3 billion annually, starting 2023, but that it'll grow to somewhere between US$8 to 10 billion by 2025.
Intel's third quarter financials that the company released yesterday, weren't exactly what you'd call stellar.
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