With demand for its chips drying up at record rates, Intel has decided to shut down several plants and dismiss thousands of workers.
Fresh off one of its worst quarters in the last 25 years, Intel, based in Santa Clara, California, told investors after the market's close on Wednesday that it would lay off at least 5,000 people.
The cuts result from the closing of three chip-testing facilities in Asia and halting operations at plants in Oregon and California. The closed facilities mostly used aging technology, and Intel will continue to invest billions of dollars this year in new plants, said Chuck Mulloy, an Intel spokesman.
As many as 6,000 people could be dismissed, depending on how many workers can secure jobs at other Intel plants. Intel employed 84,000 people at the end of last year, and had already eliminated 20,000 jobs in the last three years.
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