Intel Corporation (NASDAQ:INTC) plans to announce its “targeted” layoffs in November, according to a report in The Oregonian newspaper, which citied an internal video shared with employees.
The Oregonian said Intel chief executive Pat Gelsinger addressed employees via the video, and promised more details on the layoffs on November 1. California-based Intel, which has a large campus outside Portland, Oregon, has about 121,000 employees worldwide.
“These are always hard decisions, but our costs are too high and our margins are too low,” Gelsinger told employees, according to the report. “We have to take actions to address them.”
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Earlier this month, Bloomberg reported that Intel would announce layoffs “as early as this month”, likely numbering in the thousands, in the face of a slowdown in the personal computer market.
Intel is scheduled to report its earnings after the close of markets on October 27. The last time Intel announced a large round of layoffs was in 2016, when it announced it was cutting 12,000 jobs, or 11% of its workforce, on the same day it reported quarterly earnings.
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