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March 1, 2024
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Technology

Intel cuts employee, executive salaries as it faces weak PC, chip demand

After posting a double-digit revenue decline for its fourth quarter of 2022, Intel is looking to weather a potentially problematic 2023 by making companywide cuts to employee pay.

Responding to media reports about possible pay cuts, Intel said on Wednesday that in order to navigate “macro-economic headwinds and work to reduce costs across the company,” it has made several adjustments to its 2023 employee compensation and rewards programs.

“[These changes] will help support the investments and overall workforce needed to accelerate our transformation and achieve our long-term strategy,” the statement continued. “We are grateful to our employees for their commitment to Intel and patience during this time as we know these changes are not easy.”

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