The microchip processing giant said in a statement on Thursday "Intel expects to reduce headcount by greater than 15% with the majority completed by the end of 2024.”
The news leaves around 5,000 employees at the company’s Leixlip site waiting to hear whether any will be affected.
“The company will streamline its operations and meaningfully cut spending and headcount, reducing non-GAAP R&D and marketing, general and administrative to approximately $20 billion in 2024 and approximately $17.5 billion in 2025, with further reductions expected in 2026.”
Intel announced the news after worse-than-expected quarterly financial results, which saw revenue fall 1% compared to the same three month period last year.
It comes as rivals such as Nvidia continue to gain market share. The company first set up in Ireland in 1989 and has invested up to €30 billion in the country, creating what it says is the most advanced industrial campus in Europe at its Leixlip site.
Earlier this year, Intel completed a deal to sell 49% of its Fab 34 plant at the Kildare facility for $11bn to a US private equity fund, Apollo Global Management.
