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Intel Corporation (NASDAQ: INTC) announced plans to cut 529 jobs at its Oregon sites in Aloha and Hillsboro, starting around July 15, according to a Worker Adjustment and Retraining Notification (WARN) filing submitted Monday. The layoffs are part of a broader global restructuring initiative led by new CEO Lip-Bu Tan, aimed at streamlining operations and reducing costs.
Although Intel has not disclosed the total number of global job cuts, a Bloomberg report suggests the restructuring could impact more than 20% of the company’s workforce. The move is seen as a strategic effort to improve efficiency and sharpen the company’s focus on execution, especially in the face of increasing competition in the semiconductor industry.
Investors responded positively to the cost-cutting news, pushing Intel shares up over 7% on Tuesday. The rally reflects growing confidence in the company's commitment to becoming a leaner, faster, and more agile tech player.
In a statement, an Intel spokesperson said, “As we announced earlier this year, we are taking steps to become a leaner, faster, and more efficient company. Removing organizational complexity and empowering our engineers will enable us to better serve the needs of our customers and strengthen our execution.”
Intel's Oregon facilities are central to its research and development operations, and the layoffs signal a significant shift in strategy under Tan’s leadership. The company continues to face challenges amid a competitive chip market and ongoing global economic uncertainty.
