Intel Corp. has announced plans to lay off a further 112 employees in Silicon Valley, with 61 job cuts in San Jose and 51 at its Santa Clara headquarters. The layoffs are part of a larger restructuring effort aimed at reducing the company’s costs by $3 billion this year. The affected workers will begin to lose their jobs on March 31 and April 15 in San Jose and Santa Clara, respectively.
This is the third set of local layoffs the company has announced in the last two months, and the director of corporate people and movement team has suggested that more cuts may be necessary. Last month, Intel revealed plans to cut 378 people in Santa Clara.
The company has stated that it is committed to treating impacted employees with dignity and respect. Intel has also recently reduced its dividend by 66% in an effort to conserve cash, following a drop in sales and profits last year, as it prepares to invest billions of dollars in constructing new chip factories in the U.S. and abroad.