Chipmaker Intel Corp. is preparing to lay off thousands of employees in response to a downturn in the personal computer industry, according to a Bloomberg report.
The report stated that several of Intel's businesses, including the sales and marketing department, may experience workforce reductions of approximately 20% as early as this month.
People now spend less on PCs than they did during the pandemic-related lockdowns due to decades-high inflation and the reopening of offices and schools.
COVID-19 curbs in the important PC market are also putting pressure on chipmakers.
In a statement sent to staff on Tuesday, Intel CEO Pat Gelsinger outlined intentions for building an internal foundry model for the company's product lines and external clients.