Intel Corp. stumbled in its most recent quarter as the pandemic chip shortage bit into its personal computing business. The company reported a dismal loss of $454 million in the first quarter, a stark contrast to the $3.4 billion profit it posted a year ago. Revenue was also down 36% from the year-before period. Intel is responding by slashing $3 billion in spending on things like travel and marketing to preserve cash. The company also said it will reduce costs across the board and avoid hiring employees for vacant roles. Intel’s troubles come as the chip industry continues to struggle with a glut of stockpiled chips and weaker demand across businesses and consumer markets. The company’s CEO Pat Gelsinger said Intel is “responding to the current environment” by aggressively cutting costs and driving efficiencies across the company.
Source: https://apnews.com/article/intel-chip-ai-job-cuts-layoffs-loss-e61781e9364b69af63481c34ca5dcd67