After Folsom layoffs, Intel reports $16.6 billion loss. CEO says most job cuts are done

Weeks after announcing plans to cut hundreds of jobs across California, including 272 in Folsom and 47 in San Jose, Intel leaders signaled Thursday that the reductions are largely over.

The company had announced, in early August, that it planned to reduce its global workforce by more than 15% by the end of 2025, as the tech company struggles with tempered demand and a competitive market. Intel employed 124,800 people as of December, according to regulatory filings.

Chief Executive Officer Pat Gelsinger said during a call with analysts Thursday that the company had completed the “vast majority” of its workforce cuts in the third quarter.

“These were hard but necessary changes that are reducing complexity and making us a leaner, faster and more agile company,” he said.

The company reported a $16.6 billion loss, compared to a $297 million profit in the same period last year. Under the plan announced in August, Intel aims to cut costs by $10 billion in 2025.

“We are rigorously managing our costs and improving our profitability,” he said. “We’ve put some points on the board over the past few months, but we are far from satisfied.”

Chief Financial Officer David Zinser said the company recognized $2.2 billion in charges on its balance sheet, associated with employee severance payments.