This news follows layoffs of 15% last year and a memo from Tan earlier this year that referenced “critical changes [that] will reduce the size of our workforce.” (At the time, Bloomberg reported that Intel planned to cut over 20% of its staff, but the figure was never confirmed.)

The chipmaker plans to reduce headcount from 96,400 to 75,000 employees amid restructuring and steeper Q3 losses.

Intel’s stock jumped early in 2025 as optimism built around new leadership, but shares fell over 9% after Thursday’s Q2 earnings and layoff announcement, threatening to erase most yearly gains.

Intel is going to end the year with a workforce that is over a fifth smaller than last year, it said on Thursday, and new CEO Lip Bu Tan presented a blueprint for a more cost-disciplined, streamlined chipmaker that would issue "no more blank checks.

There are no more blank checks,” says new Intel CEO Lip-Bu Tan, as the company slashes jobs, restructures operations, and pivots toward AI and efficiency.

Intel will shrink its workforce by 22% by year's end, as new CEO Lip Bu Tan pushes a major overhaul of the struggling chipmaker.