Intel may close some factories to improve financial condition
Intel announced layoffs of employees in August. The process of layoffs of employees will be completed by the end of the year. After this announcement of the company, it is expected that the company can separate the chip design and manufacturing business. The performance of Intel's shares has deteriorated a lot.
Recently, chip manufacturing giant Intel announced the news of laying off its staff. After laying off staff, now the company is thinking of increasing its business. According to Jagran, the company is working with several investment banks to eliminate the current challenges.
In fact, it has segregated its chip design and manufacturing business and issued a layoff for each. In fact, because of that, the semiconductor businesses of the company are running into losses. At the same time, the company is under immense pressure from investigations and investors.
The company separated the product-design operation from the manufacturing branch. Now, the company is considering which factories and projects it can terminate in the upcoming years.
Intel's financial performance had been a seesaw. The net loss, which came in at $1.61 billion during the second quarter of 2024, is supposed to be continuous for the next years, according to analysts.
Intel also experienced a sell-off after its quarterly report, where the stock plummeted by more than 26 percent. It shows the worst performance in more than half a century. It had announced layoffs of about 15,000 in early August. The company will execute most of the layoffs by the end of 2024. It has stopped paying dividends along with conducting layoffs for some time now. Intel may bring its board meeting in September. The company is not going to take any big strides in this meeting, but it can finalize the plan of action for the future. The investors and government officials will not miss the decisions of the board meeting.
