On August 1, 2024, Intel CEO Pat Gelsinger told employees the company planned to eliminate roughly 15,000 roles—about 15% of its workforce—as part of a $10 billion cost-savings plan for 2025. He said the cuts addressed slower-than-expected revenue growth, high costs and low margins. Intel later disclosed a separate restructuring plan in 2025, so the two actions should not be treated as one layoff announcement.
What Intel announced in August 2024
Following Intel’s second-quarter 2024 earnings release, Gelsinger announced the company’s plan to reduce its workforce by roughly 15,000 roles, or 15% of its workforce. The reduction was part of Intel’s target to achieve $10 billion in cost savings in 2025. The company initially expected most actions to be completed by the end of 2024.
In his August 1 employee message, Gelsinger wrote: “This is a tough day for all of us and there will be more tough days ahead.” He also said Intel needed to “align our cost structure with our new operating model and fundamentally change the way we operate.” Intel’s announcement presented the workforce reduction as part of a broader effort to change how the company operated, not as the only cost-saving measure.
Why Intel said it was cutting jobs
Intel’s stated explanation was that revenue had not grown as expected, costs were too high and margins were too low. Gelsinger said the company had not yet fully benefited from market trends such as artificial intelligence and described operational complexity, slow decision-making and inefficiency as problems to address. These are Intel’s own explanations for its plan, not independently established findings about what caused its financial performance.
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Gelsinger also compared Intel’s 2020 revenue with the prior year, saying the workforce was 10% larger even though revenue was about $24 billion lower. That comparison appeared in Intel’s message and should be understood as the company’s own account.
What else was included in the 2024 cost plan
Intel’s announcement included steps beyond reducing roles. It said it would offer enhanced retirement options to eligible employees and an application program for voluntary departures. The company also outlined portfolio reviews, fewer management layers, reduced capital expenditures, a target to lower non-variable cost of goods sold and a planned dividend suspension.
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Intel said its IDM 2.0 strategy remained unchanged and that it would continue key investment in process technology and core product leadership. The plan therefore paired broad cost reductions with stated commitments to those areas.
How the separate 2025 restructuring differs
Intel commenced a separate enterprise-wide 2025 Restructuring Plan in the second quarter of 2025. In its 2025 Form 10-K, the company said it reduced its core workforce by approximately 15% by fiscal year-end, measured against its Q2 2025 ending headcount. Intel said most actions were completed by the end of Q4 2025, with the remainder expected in 2026.
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| Plan | Workforce scope and baseline | Timing and reported financial details |
|---|---|---|
| 2024 plan | Roughly 15,000 roles, or 15% of the workforce, as announced by Intel on August 1, 2024. | Part of a $10 billion cost-savings target for 2025; most actions were initially expected by the end of 2024. Intel later said the plan was substantially completed by the end of Q4 2025, with remaining actions expected in 2026. |
| 2025 Restructuring Plan | Approximately 15% reduction in core workforce by fiscal year-end, compared with Q2 2025 ending headcount, according to Intel’s Form 10-K. | Most actions completed by the end of Q4 2025, with remaining actions expected in 2026. Intel reported $2.2 billion in 2025 restructuring charges, primarily employee severance and exit charges and non-cash asset impairments. |
The percentages use different reference points: the 2024 announcement described a share of Intel’s workforce, while the 2025 filing measured a change in core workforce against Q2 2025 ending headcount. They cannot be added to produce a reliable combined job-cut total.
Separately, the Associated Press reported in July 2025 that CEO Lip-Bu Tan told employees Intel expected to end that year with 75,000 core workers, excluding subsidiaries, through layoffs and attrition. AP compared that expected figure with 99,500 core employees at the end of 2024. Those figures describe a reported plan using a core-employee definition; they are not the same measure as the 2024 announcement’s roughly 15,000 roles.
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What later earnings do—and do not—show
Intel reported second-quarter 2026 revenue of $16.1 billion, up 25% year over year, and forecast third-quarter revenue of $15.8 billion to $16.8 billion. Those dated results provide later company context, but they do not establish that the 2024 or 2025 workforce actions caused a change in performance.
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