Our results demonstrate a strategy thats working and a solid foundation for growth, CEO Brian Krzanich (pictured) wrote in a memo to employees distributed today. The company is expected to announce its decision late this month. That number is, however, down 85 percent compared to Q3 2021, which made up part of Intels best financial year ever. However, employee layoffs are a sign of growing problems within the tech sector and, more broadly, the U.S. economy. Lot of dead weight and management silos. Get the latest updates on cannabis legalization, politics and technology, as well as developments in medical and recreational marijuana news. If the layoff only impacts a percentage of the company and allows the business to keep operating according to current demand, it could be the best thing for the company to do to ensure future profitability. AMZN, His work has appeared in publications including Popular Mechanics and IDG Connect, and his art history book on 1970s sci-fi, 'Worlds Beyond Time,' is out from Abrams Books in July 2023. Don't miss out on the top business tech news with Tech.co's weekly highlights reel. +1.17%, He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia. On a scale of 1-10 how much damage did RK do? The decline in IT investment is affecting Intel's PC, data centre, and artificial intelligence businesses, which is hurting revenue and earnings. Intel Layoffs 2022: What to Know About INTC Job Cuts, Hiring Freeze The speculated layoffs could affect thousands of people across multiple divisions, according to Bloomberg's unknown source. Recent analysis from Gartner found that worldwide shipments totaled 68 million units in the third quarter of 2022 a 19.5 percent decrease compared to 2021. The news comes from "people with knowledge of the situation" so be cautious until it can be verified. The new round of layoffs came on the heels of a Truelieve donation of an extra $5.5 million to a cannabis legalization . The layoffs, which are permanent, are scheduled to begin Jan. 31. Often, stock prices will rise in response to layoff announcements. Intel Corp recently announced that it would cut payments to mid-level staff and executives from 5% to 25%. But so far, Gelsinger's business moves have yet to pay major dividends for investors.