Intel to cut as many as 10,000 factory jobs, one of its largest-ever layoffs

What just happened? Intel is preparing to lay off as much as one-fifth of its factory workforce in a move that will reshape one of the company's core business units. The layoffs, set to begin in July, are expected to affect more than 10,000 employees worldwide, marking one of the largest workforce reductions in Intel's history.

In a memo to employees, Intel Manufacturing Vice President Naga Chandrasekaran acknowledged the gravity of the decision. "These are difficult actions but essential to meet our affordability challenges and current financial position of the company. It drives pain to every individual," Chandrasekaran wrote, according to The Oregonian. The company is targeting job reductions between 15 percent and 20 percent, with most of the cuts taking place next month.

Intel declined to comment directly on the memo, but reiterated its commitment to "treat people with care and respect as we complete this ...