Intel lays off 15% of workforce

Intel announced plans to cut 15% of its workforce.

The job cuts are part of a $10 billion plan by Intel to reduce expenses.

“Simply put, we must align our cost structure with our new operating model and fundamentally change the way we operate,” CEO Pat Gelsinger said in a memo published by CNN. “Our revenues have not grown as expected — and we’ve yet to fully benefit from powerful trends, like AI. Our costs are too high, our margins are too low.”

Read more from CNN.