14 DAY TRIAL // Tech giants are one by one jumping on the layoff bandwagon, and after Google, Microsoft, Spotify, and a few others, Intel is now becoming the latest big name to turn to job cuts.
While an official announcement in this regard isn’t yet available, Intel has updated the California Worker Adjustment and Retraining Notification (WARN) database with information on planned layoffs, revealing that it wants to let go of some 550 employees.
The papers were spotted recently and they only include workers in California, so worldwide, the job cut could be even more massive.
At this point, however, Intel looks ready to embrace a very aggressive cost-cutting program, as it wants to reduce spending by as much as $10 billion by 2025.
Intel has approximately 120,000 employees around the globe.
Spotify job cut announced this week
Spotify also announced a reduction of 6 percent of its global workforce, explaining that the company needs to be more efficient in everything it does.
“To offer some perspective on why we are making this decision, in 2022, the growth of Spotify’s OPEX outpaced our revenue growth by 2X. That would have been unsustainable long-term in any climate, but with a challenging macro environment, it would be even more difficult to close the gap. As you are well aware, over the last few months we’ve made a considerable effort to rein-in costs, but it simply hasn’t been enough. So while it is clear this path is the right one for Spotify, it doesn’t make it any easier—especially as we think about the many contributions these colleagues have made,” CEO Daniel Ek said.
Amazon, Microsoft, and Google have all announced thousands of job cuts earlier this month, and industry experts believe more tech giants would follow in their footsteps in the coming weeks.