Intel cuts over 500 jobs in Oregon to streamline operations and increase efficiency

Intel Corp is cutting over 500 positions in Oregon, part of a plan to affect about 20% of its staff. The layoffs will start on July 15 in Aloha and Hillsboro, eliminating 529 employees permanently. The company’s stock rose 6.9% after the announcement. CEO Lip-Bu Tan aims to make Intel leaner and more efficient.

Intel’s Oregon cuts are part of a larger effort to reduce operating expenses. The company hasn’t disclosed total cuts, but sources estimate over a fifth of staff will be affected. Intel has struggled to keep up with technological advancements, losing ground to competitors like Nvidia in artificial intelligence computing.

The company stated the cuts will make Intel more agile and better serve customers. Hillsboro, where the cuts will occur, is a key location for Intel’s operations. Despite the layoffs, Intel is focused on positioning the company for the future with a more streamlined approach.

Read more at Yahoo Finance: Intel cuts over 500 jobs in Oregon as part of layoff plan