Intel announced layoffs after its biggest quarterly loss in history

A string of layoffs continues to roil the tech industry. Intel has confirmed plans to cut staff to cut costs. This is reported by USA Today.

Intel declined to say how many workers would be laid off, but said layoffs would take place across the company.

As a reminder, in the 1st quarter of 2023, Intel received $2.8 billion net loss, or 66 cents per share. A year earlier, the manufacturer recorded a net profit of $8.1 billion, or $1.98 per share. Intel’s sales declined for the fifth quarter in a row, but it posted a loss for only the second quarter. Losses for the first quarter of 2023 are the largest in the company’s history.

Despite the losses, the company paid out $1.5 billion in dividends in the first quarter of 2023.

Previously, the agency Reuters reported that at the beginning of 2023, Intel cut the salaries of employees and managers. And The Wall Street Journal warned back in October 2022 that Intel is starting targeted job cuts and plans to cut costs by $3 billion in 2023.