ALBAWABA – Intel, the American multinational corporation and technology company, announced it is laying off hundreds of employees in Israel.
Intel terminates employees in Israel
Hundreds of Israeli employees at Intel will be terminated as the company plans to cut costs by nearly $10 billion.
The CPU manufacturer announced it will lay off approximately 18,000 employees globally, representing more than 15% of its workforce. Most of the cuts will occur in Israel, where the company has its largest operational division.
Intel research and development office in Matam business park in Haifa. (Shutterstock)
According to Globes newspaper, hundreds of employees at Haifa, Jerusalem, and Petah Tikva will receive termination letters. It is worth noting that Intel has nearly 125,000 employees worldwide, including 11,000 in Israel.
The newspaper also added that nearly 7,500 employees chose to leave Intel offices globally as part of a voluntary retirement plan. The company will complete its downsizing plan by the end of 2024 by laying off employees in the United States starting on November 15, after employees finish their notice periods.
Intel losses
It is worth noting that Intel has been present in Israel for nearly half a century. The company significantly contributed to Israel’s gross domestic product (GDP), accounting for 6% or approximately $9 billion.
However, the company experienced multiple losses recently as the company recorded a net loss of approximately $1.6 billion in the second quarter of 2024, compared to a net profit of $1.5 billion in 2023.
