Intel confirms more layoffs in its data center unit as stock rallies on turnaround momentum
TL;DR
Intel is cutting more jobs in its data center unit as Lip-Bu Tan continues reshaping the company, with the stock up nearly 8 percent two days before earnings.
Intel confirmed on Tuesday that it will cut an unspecified number of jobs in its data center group, the division responsible for Xeon server processors and AI-related hardware, as part of a broader restructuring under CEO Lip-Bu Tan. Shares rose as much as 8 percent in early trading, extending a rally that has seen the stock more than double this year. The cuts come two days before Intel reports second-quarter earnings on Thursday.
The company said the data center group is “aligning its organization to ensure it has the right roles and skills in place to position the business for long-term success,” without specifying how many positions would be eliminated. A person familiar with the matter told Bloombergthat...
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