Intel confirms major job cuts, targets 24,500 layoffs by end of 2026

Intel has confirmed that a massive layoffs that could see nearly 25,000 employees out of work by the end of this year. The company quietly confirmed the job cut in its latest earnings report that a majority of the previously planned cuts are already underway.

According to reports, Intel’s teams in California, Oregon, Arizona, Texas, and even overseas in Israel have been affected by the layoffs. Employees in Folsom, Santa Clara, Hillsboro, and Aloha were hit by job cuts early on.

Back in late 2024, Intel had around 99,500 core employees. Now, The Verge reports that it’s aiming to bring that number down to just 75,000, roughly a third of its global workforce gone.

Along with job cuts, Intel is also dialing back global operations. A few planned projects in Germany and Poland are now off the table. The company is moving test and assembly operations from Costa Rica to bigger sites in Vietnam and Malaysia. It’s also slowing down construction on a huge $28 billion factory in Ohio.

Intel’s new CEO, Lip-Bu Tan, says this isn’t just about saving money. The company has been losing ground to competitors like TSMC and has struggled to keep pace in the AI chip race. “We’re focused on execution and efficiency,” Tan said. “It’ll take time, but we’re working to improve performance and sharpen our roadmap.”