02:46 PM EDT, 07/31/2024 (MT Newswires) -- Intel ( INTC ) is planning to cut thousands of jobs to streamline costs and recover from recent earnings declines and market share losses, Bloomberg reported Tuesday, citing people familiar with the plans.

The job reductions could be announced as soon as this week, the report said. The company currently has around 110,000 employees, excluding spun-out units, according to Bloomberg.

Intel ( INTC ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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