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Intel CEO Lip-Bu Tan announces 15% job cuts and cancels expansion plans as the company refocuses on core products, cost ...

Intel's headcount will shrink to around 75,000 by year's end, a reduction driven by both layoffs and attrition.

The chipmaker plans to reduce headcount from 96,400 to 75,000 employees amid restructuring and steeper Q3 losses.

Intel CEO Lip-Bu Tan stated that the layoffs followed a "systematic review" of the company's headcount and spending.