Intel says company more than halfway to workforce reduction target

Intel CEO Pat Gelsinger also said in a note to staff that the company is more than halfway to its workforce reduction target of roughly 15,000 by the end of the year, mostly through voluntary early retirement and separation offerings. “We still have difficult decisions to make and will notify impacted employees in the middle of October,” Gelsinger said. “Additionally, we are implementing plans to reduce or exit about two-thirds of our real estate globally by the end of the year. As we continue acting with urgency to execute the plan we announced last month, we are also working to carefully manage our cash as we meaningfully improve our balance sheet and liquidity. This includes through selling part of our stake in Altera-which is something we have talked about publicly several times and has long been part of our strategy to generate proceeds for Intel on Altera’s path to an IPO.”