Intel Corp. is cutting another 62 employees at its Folsom Campus at the end of this month, its third series of cuts in five months.
The recent cuts, reported to state employment officials, are in addition to more than 340 cuts by Intel (Nasdaq: INTC) in January and March.
"As discussed on our recent earnings calls, Intel is working to accelerate its strategy while navigating a challenging macro-economic environment," said Intel spokesperson Addy Burr, via email.
She said the company is not disclosing further details about the cuts, such as which groups or divisions might be affected.
Last week, Intel reported it lost $2.8 billion in the first quarter on lower chip revenue. That compares with a profit of $8.1 billion in the year-earlier quarter.
The first-quarter loss this year was the largest ever for a quarterly period for the chip giant.
Slowing personal computer sales have hit Intel's chip business. Global PC shipments fell 29% in the first quarter year-over-year, industry tracker International Data Corp. reported last month.
Intel's loss in the first quarter was four times larger than its loss in the fourth quarter last year, a loss that got the company into full turnaround mode, which included cost cutting in various sectors on a quest to reduce expenses by $3 billion this year.
That cost cutting included the layoffs at the end of last year, as well as the company cutting its stock dividend and eliminating its private jet shuttle between campuses in California, Arizona and Oregon. Intel also put some buildings it owns in San Jose up for sale in a sale/leaseback deal.
During the first quarter, CEO Pat Gelsinger said he would take a 25% pay cut, and the rest of the executive team would get a 15% pay cut.
"We are focused on identifying cost reductions and efficiency gains through multiple initiatives, including some business and function-specific workforce reductions in areas across the company," Burr said, adding that Intel still has more than 13,000 employees in California, and it continues to invest "in areas core to our business, including our U.S.-based manufacturing operations, to ensure we are well-positioned for long-term growth."
In December, Intel notified the California Employment Development Department that it would cut some employees in Folsom, and then in January increased that number. Intel cut 343 full-time positions at its Folsom Campus in the winter and spring, with 176 of the cuts effective Jan. 31 and 167 effective March 15.
Intel is the region's largest tech industry employer.
In early 2022, Intel reported that it had 5,300 employees in Folsom, but at the end of last year the chipmaker cut 343 jobs at that site, taking Folsom below 5,000 jobs. The latest cuts whittle that figure down further.
"These are difficult decisions, and we are committed to treating impacted employees with dignity and respect," Burr said.
