Listen to this article 4 min
It's not news to Portland Business Journal readers, or anyone who follows semiconductor development, that Intel is fighting to regain dominance, or simply hold its position, in the industry.
As we've previously reported, Intel (Nasdaq: INTC) is in the midst of an ambitious growth plan that is, in part, anchored in cuts. It plans to trim $3 billion in spending in the current year as a way to hit $10 billion in cost reductions by 2025.
The company had layoffs in 2022 and reports indicated at the time that Intel could cut up to 20% of staff in some areas.
Intel is coming off two consecutive quarters of large losses. On April 27 it reported a record $2.8 billion loss in the first quarter and 36% year-over-year drop in revenue. That was after the company's stark fourth-quarter earnings, when it reported a $664 million loss and a 32% revenue decline.
In a lengthy report published Tuesday, the Wall Street Journal recaps Intel stumbles that have led to it losing ground against competitors, including Nvidia and Advanced Micro Devices.
The piece explores Intel CEO Pat Gelsinger's effort to expand the company's contract chipmaking business. Intel hopes to be the No. 2 contract manufacturer by 2030.
While the story covers ground well-tread by the Business Journal and other media, it does offer some added insight into Gelsinger, who sat for an interview.
One notable takeaway, Gelsinger takes Intel board members to dinner before each board meeting to ensure his strategy is aligned with their vision.