Intel cutting headcount by about 15%

“Intel (INTC) has completed the majority of the planned headcount actions it announced last quarter to reduce its core workforce by approximately 15%. These changes are designed to create a faster-moving, flatter and more agile organization. As a result of these actions, the company recognized $1.9B in restructuring charges in the second quarter of 2025, which were excluded from its non-GAAP results. These charges impacted GAAP EPS by (45c) per share. Intel plans to end the year with a core workforce of about 75,000 employees as a result of workforce reductions and attrition. Intel is taking action to optimize its manufacturing footprint and drive greater returns on invested capital. As part of this effort, Intel will no longer move forward with planned projects in Germany and Poland. The company also intends to consolidate its assembly and test operations in Costa Rica into its larger sites in Vietnam and Malaysia. In addition, Intel will further slow the pace of construction in Ohio to ensure spending is aligned with market demand,” the company stated. Intel continues to target $17B of non-GAAP operating expenses in 2025 and $16B in 2026; sees $18B in gross capital expenditures for 2025.