CHANDLER, Arizona — Intel has announced plans to lay off nearly 400 workers at their Chandler campus.
The chipmaker plans to lay off 384 employees in Arizona, according to a Worker Adjustment & Retraining Notification Act (WARN) notice. The WARN Act is a federal law requiring employers to notify employees of plans to close a plant or lay off employees.
The company posted a loss of $1.6 billion, or 38 cents per share, in the April-June period. That's down from a profit of $1.5 billion, or 35 cents per share, a year earlier. Adjusted earnings excluding special items were 2 cents per share.
Revenue slid 1% to $12.8 billion from $12.9 billion, according to reports by the Associated Press.
In March The Biden Administration announced an $8.5 billion investment in Intel as part of the CHIPS and Science Act and loaned an additional $11 million.
The investment had been expected to bring 9,000 new jobs to Arizona.
Intel released the following statement about the layoffs:
"As part of the broad-based cost savings plan we announced in August, we are making the hard but necessary decisions to reduce the size of our workforce. These are the most difficult decisions we ever make, and we are treating people with care and respect. These changes support our strategy to become a leaner, simpler and more agile company as we position Intel for long-term sustainable growth."
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