Intel Corp. (NASDAQ:INTC) is planning to downsize its workforce by the end of October, according to a late-Tuesday report by Bloomberg. The report underscores the difficulties that the semiconductor industry is facing on the back of supply shortages, trade restrictions, elevated costs, and high interest rates that are severely affecting investments. Intel, which currently has around 121,000 employees all over the world, is likely to announce the layoff during its third-quarter earnings announcement on October 27. The reported downsizing plan puts the jobs of thousands of worldwide Intel workers at stake. It is said that the sales and marketing departments could be reduced by 20%.
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