On Monday, semiconductor chip manufacturer Intel confirmed that it plans to cut its workforce to reduce costs amid a wave of layoffs in the tech industry.
In order to maintain long-term growth, the company noted the necessity to accelerate its plan in a difficult macroeconomic climate while continuing to invest in key parts of its operations, like its manufacturing facilities in the United States.
In response to a decline in personal computer sales, Intel posted its greatest quarterly loss in corporate history last month. The first quarter’s net loss was $2.8 billion while revenue decreased by 36% from the prior year.
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