Intel (NASDAQ:INTC)
According to Oregon Live, shares of Intel (NASDAQ:INTC) increased on Thursday even though the chief executive officer of the world’s largest semiconductor company, Pat Gelsinger, warned that layoffs would be implemented soon. But despite that, Intel stock surged.
According to a news site, Gelsinger told workers in a video message, “these are always difficult choices, but our expenses are too high, and our margins are too low.” The employee who saw the speech stated that Gelsinger’s statement was cited in the address.
We are going to have to take some action to address them.
According to reports, Gelsinger also said that further information would be made public on November 1.
Seeking Alpha reached out to Intel stock for comment but did not immediately get a response from the company.
At the beginning of this month, Intel stock was planning to remove thousands of jobs in response to a downturn in the market for personal computers.
As of July 2022, the technology company Intel, headquartered in Santa Clara, California, has 113,700 workers.
The massive semiconductor company plans to release its earnings report for the third quarter on October 27 after closing the market.
During the trading day, the price of Intel stock climbed slightly to $26.16.
This past week, Intel stock said it would list its self-driving startup Mobileye in an initial public offering at a price range between $18 and $20 per share, giving the business a valuation of around $16 billion.
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Intel stock climbs despite CEO Gelsinger’s comments that the company would cut jobs; more information will be provided next month.
Featured Image – Megapixl © Wolterk
Author Shariq Khan 
