Intel (NASDAQ:INTC) layoffs are reportedly in the works as the company prepares to reduce its headcount due to slowing PC demand.
According to a recent report out of Oregon, the chip company is preparing to announce layoffs in the near future. However, the scope of these cuts is currently unknown, as well as what type of employees will be affected.
If we look back at previous reports about Intel layoffs, there’s a bit more that’s worth keeping track of. This includes the company reportedly preparing to lay off thousands of employees from its sales and marketing divisions.
Intel Job Freeze Remains Likely
Intel has already reportedly frozen hiring to keep its numbers from growing as PC demand wanes. If the latest layoff reports are anything to go by, the worsening market will keep that freeze in effect as INTC looks to control costs.
Intel isn’t the only tech company suffering right now as inflation weighs on companies. Meta Platforms (NASDAQ:META) just announced that it will cut 11,000 jobs due to overzealous hiring practices during the pandemic.
As far as trading goes today, INTC stock isn’t seeing much movement. As of this writing, about 10 million shares have traded hands. For comparison, the daily average trading volume is around 41.7 million shares.
INTC stock is down 2.7% as of Wednesday afternoon and down 47.9% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.