(KRON) — Global tech giant Intel Corp. is reportedly planning to announce it’s laying off more than 20% of its staff. According to a report in Bloomberg, the chipmaker is cutting jobs in an effort to streamline management and eliminate bureaucracy.

Citing a person familiar with the matter, Bloomberg reported the chipmaker is focused on rebuilding an “engineering-driven culture.” The reported job cuts and restructuring follow the appointment of new Chief Executive Officer Lip-Bu Tan who was named CEO last month.

This latest round of layoffs follows significant layoffs in 2024 when the Santa Clara-based chipmaker announced plans to cut about 15,000 jobs. Intel, according to Bloomberg, had about 109,000 employees as of the end of the year — down from nearly 125,000 the previous year.

Intel stock surged Wednesday following the news of the job cuts, rising as much as 6.7%. The company is scheduled to report its first-quarter results on Thursday.

Copyright 2025 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.