That’s a lot of layoffs.

So they got all that money from Uncle Sam’s CHIPS Act only to lay off 10,000 employees and make themselves “lean”. Govt funded unemployment.

      • jj4211@lemmy.worldEnglish
        1·
        1 year ago

        Yeah, Intel is down 33% over the last two days… didn’t work this time…

        Some layoffs can be seen as “improving efficiency”. This deep of cut is “oh shit, things are screwed”.

    • tmcgh@lemm.eeEnglish
      0·
      1 year ago

      Dude, what the heck is wrong with people. Wealth is wasted on the stupid.

      • Angry_Autist (he/him)@lemmy.worldEnglish
        1·
        1 year ago

        its mainly that our modern culture worships money and things whoever has more of it is inherently better.

        So rich people make bad decisions because they think that being rich means they are always right, and that their ideas are special and magical and come from a mystical realm of refined thought only people with stacks of cash possess.

        And when they fail, they blame everything except their greed focused short sightedness.

      • ChickenLadyLovesLife@lemmy.worldEnglish
        1·
        1 year ago

        My experiences working for huge corporations have made it clear what an enormous percentage of corporate workers spend all their time on useless busy work, so in theory layoffs can make a corporation more profitable. The problem is that it’s rarely the useless ass-kissers who get laid off.

        • tempest@lemmy.caEnglish
          1·
          1 year ago

          If the bureaucracy could easily identify the dead weight projects it wouldn’t need the layoffs but that also means it can’t make good choices when doing layoffs.

          It’s like chemotherapy.

        • jj4211@lemmy.worldEnglish
          1·
          1 year ago

          Yeah, my team has gotten cut and the end result is one management type person per person actually doing anything… They are “managing” teams of one each, effectively…

          EDIT: To make it clear, I’m not an Intel guy, just commenting on an ‘Intel-like’ company behavior with respect to being stupid about layoffs.