Intel rises even as CEO Gelsinger says job cuts coming, more details next month: report

Justin Sullivan

Intel (NASDAQ:INTC) shares rose on Thursday even as the semiconductor giant's Chief Executive, Pat Gelsinger, warned that job cuts would be coming in short order, Oregon Live reported.

“These are always hard decisions, but our costs are too high and our margins are too low," Gelsinger said in a video address to staff, according to the news outlet, citing an employee who viewed the address.

"We have to take actions to address them."

Gelsinger reportedly added that more details would be unveiled on November 1.

Intel (INTC) did not immediately respond to a request for comment from Seeking Alpha.

Earlier this month, it was reported that Intel (INTC) was looking to eliminate thousands of jobs amid a slowdown in the PC market.

Santa Clara, California-based Intel (INTC) employed 113,700 employees as of July 2022.

The semiconductor giant is slated to report third-quarter earnings on October 27 after the close of trading.

Intel (INTC) shares rose fractionally to $26.16 in mid-day trading.

Earlier this week, Intel (INTC) said it would list its self-driving company Mobileye in an initial public offering at a price of between $18 and $20 per share, valuing the unit at roughly $16B.