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Intel CEO Paul Otellini Wednesday said the chip giant is set to undergo its first comprehensive efficiency and cost cutting review since the mid-1980s in the wake of a revised 2006 outlook.
"We are just undertaking a look at the company now in a fairly comprehensive fashion," he said in a conference call with analysts after the chip giant revised its 2006 outlook. "The idea would be to look at every aspect of our operations from capital efficiency to our facilities to our resourcing to our various business units to underperforming businesses, etc. This is a wholesale look at the company over the next couple of months to take a look at where we want to be for 2007 and beyond."
At the same time, Intel is planning to slash $1 billion in spending this year. Intel CFO Andy Bryant said that he is hoping that Intel will begin to see some results from the cost cutting efficiency program and will be able to implement additional cost savings.
Bryant said that Intel can hit its revised outlook without layoffs, but it will require head count reduction through attrition and controlling discretionary spending.
The Intel cost cutting comes after the chip giant posted a 38 percent decrease in earnings for the first quarter to $1.35 billion, or 23 cents a share, compared with $2.18 billion, or 35 cents per share, in the year earlier period.
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2022 was a boon year for IT salaries. 2023 came in like a beast with layoffs, raise freezes, and ChatGPT, but that beast has few teeth.
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