Intel confirms it will cut a third of its workforce by the end of 2025

Intel provided more detail about the scope of its planned job cuts and other business changes while sharing its second-quarter earnings results. Reports in April suggested that Intel could eliminate around 20 percent of its staff in a restructuring plan. Today, the chipmaker said it anticipates having a core workforce of 75,000 employees by the end of 2025. That's about a third less than the 108,900 people it employed at the close of the previous fiscal year.

These cuts are part of the company's current goal to bring its non-GAAP operating expenses down to $17 billion this year, then to $16 billion at the end of 2026. The effort to rein in spending is also leading Intel to abandon some previously announced expansions. The business will no longer embark on new projects in Germany and Poland, and it said it will consolidate its Costa Rican testing and assembly operations into existing efforts in Vietnam and Malaysia. Finally, it will also "slow the pace" of its stateside growth at a construction site in Ohio.

"Our operating performance demonstrates the initial progress we are making to improve our execution and drive greater efficiency," said Lip-Bu Tan, who has been forthright about his plans to downsize since assuming the CEO title in March. Tan was brought in to replace Pat Gelsinger in an effort to turn around Intel's business following a long, slow slide into financial trouble.