Intel freezes hiring in PC chip division
Intel Corp (INTC.O) has frozen hiring in the division responsible for PC desktop and laptop chips,
Intel is "pausing all hiring and placing all job requisitions on hold" in its client computing group
The memo said that some hiring could resume in as little as two weeks after the division re-evaluates priorities and that all current job offers in its systems will be honored.
"We believe we are at the beginning of a long-term growth cycle across the semiconductor industry and we have the right strategy in place," Intel said
"Increased focus and prioritization in our spending will help us weather macroeconomic uncertainty...
execute on our strategy and meet our commitments to customers, shareholders, and employees."
Intel shares are down nearly 28% over the past year and the company has told investors to brace for lower gross margins than it has historically earned..
It spends heavily to catch up to rivals like Taiwan Semiconductor Manufacturing Co Ltd (2330.TW) whose manufacturing technology has overtaken Intel's.
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