It'll take a whole lot more to get to 20k.
This is really focused on the fabs, and appears to be about 4k so far in the US.
Reports from IR and IS fabs are in the hundreds so maybe add up to a thousand by the time they are done.
Not nothing but hardly a BB apocalypse.
Wait until next week.... rock and roll
It'll take a whole lot more than this to get to a 20k reduction, but not sure why anyone thinks that is the goal.
The company has not stated a goal, because this is not '1 & Done', but rather a process to be worked through over the next 2 years at least.
Ultimately the company seems likely to end up around 40k, so see how the progress to 60k reduction moves along over time.
The time for delusion about the change has passed.
@b7 said it right
LBT needs to get it done in less than a year so he can sell off the company. Me thinks in 12 months is 50k people. Revenue dropping further.
“ The the math is clear, the revenue is down 40% in last few years and headcount is flat. It is easy to estimate that to get to break even the cuts have to be around 20,000 - 30,000 heads. Of course that assumes the revenue doesn't keep dropping like a rock”
@aw Its technicians because we trying figure out what happening. Seeing if any of us have gotten cut. I haven't heard of any techs wherebI work being cut. I Haven't heard of many managers being out either.
@cd The trolls do not work for Intel.
They want techs to quit Intel and go work for TSMC.
It’s not the fab workers themselves it’s the leeches that make lots of money off of the fabs doing nothing but blowing hot air.
This site is full of exaggerated claims, likely by the same trolls that are constantly saying they are quitting or encouraging others to quit.
Reality is far less, but the fabs are finally getting some much needed reductions.
Any site (at any company) that has a lot of people in the cafe all day is a sign that layoffs are coming.
Maybe the current shedding of the slackers adds up to 5k but it will take another yesr of this to get to 20k.
Even NEX and Automotive are not that many people, and they are entirely gone.
True the fabs got hit but that is where all the losses are, and they have been grossly overstaffed with little demand for the EUV fabs, so it was way past time to start getting real.
The path to 40k total headcount is gonna take years and be far more dramatic than this little event.
Right. The bigger strategic cuts are still being worked on. For example, outsourcing marketing... that will take a few quarters for Accenture to figure out who is going to have to take a walk.
The the math is clear, the revenue is down 40% in last few years and headcount is flat. It is easy to estimate that to get to break even the cuts have to be around 20,000 - 30,000 heads. Of course that assumes the revenue doesn't keep dropping like a rock.
@aw you are dreaming if you think 10k. Wait until July earnings and see it is 20k+
Why not more? Half of employees let go.
@av It may be more than 3k but 20% or 20k looks too high.
Call it something closer to 10k and move on.
The fab workers are merely experiencing the compression that the support groups have been dealing with for some time now, so think the whole company is being slashed.
Notice how almost all the posters on this site are fab technicians?
That is called Sample Bias.
@as If it was just 3K, they would have done it quietly. No one would have announced the start and end dates of layoffs in any department. We would just get to know if divisions were shut down or sold off, that's it.
20% and 20K are something created by Reuters.
This year target is 3k and 5k next year. I don’t know where people getting fake 20k number.
More like 2k
Not very we've barely heard anything