Intel Looking to Lay Off Meaningful Numbers of Staff, Can Some Products, After Profit Slump

[TheDeeGee]

Maybe the Board should look at cutting Gelsinger's Compensation Package as well. Last year it was 179 million dollars.

Yeah, thanks papa.

 

[The red spirit]

I just did the math and it is 3x the amount of Lisa Su's... and Intel doesn't even have a GPU division that is successful. I guess they have vast majority share of businesses and servers though still, so maybe that makes up the difference, as there is a lot more money in those sectors than us gamers. Another reason I respect people like Lisa Su though, because you know, I love gaming and I don't want to ever stop gaming. I plan to be 75 in a nursing home playing emulators for nostalgia lol

That's still way too high. For all I care, CEO could get 5 grand per year and fuck off. They are basically living in company anyway, they can eat in company too, don't have much free time, meaning that they barely have any non-company expenditures anyway. Giving them anything more than average national wage is waste of money.

 

[AusWolf]

Maybe the Board should look at cutting Gelsinger's Compensation Package as well. Last year it was 179 million dollars.

Compensation for what? Maybe someone should compensate me for not having those 179 million dollars.

That's still way too high. For all I care, CEO could get 5 grand per year and fuck off. They are basically living in company anyway, they can eat in company too, don't have much free time, meaning that they barely have any non-company expenditures anyway. Giving them anything more than average national wage is waste of money.

5 grand, as in $5,000? Sure, company CEOs and high-ups tend to take irresponsibly large parts of company profits away as "compensation", but even I wouldn't lift a finger for 5K a year.

 

[The red spirit]

Compensation for what? Maybe someone should compensate me for not having those 179 million dollars.


5 grand, as in $5,000? Sure, company CEOs and high-ups tend to take irresponsibly large parts of company profits away as "compensation", but even I wouldn't lift a finger for 5K a year.

They don't need much money in the way we do. They eat in company, they spend a lot of their time there, their suits are business expenses, same with transportation, hell, probably medicals too. Being a CEO can be really cheap.

 

[AusWolf]

They don't need much money in the way we do. They eat in company, they spend a lot of their time there, their suits are business expenses, same with transportation, hell, probably medicals too. Being a CEO can be really cheap.

That's not how it works. Sure, they work a lot, but that doesn't mean that they spend all their lives at the company. You talk about them like they were machines, not people. Everybody has expenses outside of one's job, everybody wants nice things, a decent life for family members, holidays, etc. Everybody needs to wind down. Heck, I couldn't even pay rent from 5K a year, not to mention all that I've just listed. More responsibility comes with more compensation. The question is the balance between the two which very few companies manage (or even try) to find.

 

[Mr Bill]

If Gelsinger receives a Compensation Package of 179 million, he has to have total ice water in his veins, if he can't take a reduction to help save some jobs. Money is society’s way of measuring success, It is not a goal in and of itself. It is the path to accumulating wealth that excites many people, the money itself is just a way of keeping score, so you can see how well you are succeeding at what excites you.

 

[kilo]

Still makes profits - layoffs?!?!

ohhhhh wait......

Gave wallstreet inflated covid profits - didn't meet those inflated profits - laying people off

Maybe layoff all the people that gave wallstreet those expected profit numbers??

You hit the nail on its head. Layoffs always drive up share prices because investors incorrectly think that salaries are a huge percent of company costs.

I am very surprised intel has been doing so poorly. Amd took only what, 20 - 25% cpu market share in 5 years of zen? And the CHIPS act means Intel gets free money to build fabs in the US. The same speculation in AMD and NVDA the last year never benefitted Intel which sat at a PE of about 15 throughout the pandemic free money boom. Now qe is over and interest rates are rising, Intels been left in the dust.

 

[Frick]

I'm speechless. That financial package is disgusting.

No it's not. Wealth equals value so more value = more wealth. You're just jealous. Want to have the same wealth? Become a better person and maybe one day you too will be deserving.

 

[AnarchoPrimitiv]

There U.S. government should have made it a stipulation of the Chips Act that any company receiving money could not layoff employees for a period of time....as far as I can recall, Senator Bernie Sanders was the only member of Congress who championed conditions for the money, which only makes sense. We all know it was never going to happen though, the government only seems to have conditions and means testing when it's working class people who need help, when businesses get money, it's a blank check with no conditions.....we know the old refrain, socialism for the rich and corporations, free market capitalism for the poor and working class.

One of the most egregious things in all of this is when Gelsinger was speaking before congress, he was basically extorting the taxpayers with threats that if Intel doesn't get this blank check from the taxpayers, Intel will build the fab somewhere else...obviously the part that isn't being said is that it's attempted extortion based upon a threat of retaliation....if congress had any morals or spine, they would have responded to that threat by saying, "If Intel DOESN'T build that fab in America, the IRS is going to go through Intel's Financials with a fine toothed comb and make sure that every penny of taxes owed to the government is accounted for and that any subsidies or tax breaks Intel already receives will be rescinded immediately"....

 

[Mr Bill]

Wealth equals value

Naw, integrity = value. So are you saying, if I hire a wealthy person to run my multi-million dollar company, and he or she robs me blind, this person is valuable?

 

[Frick]

Naw, integrity = value. So are you saying, if I hire a wealthy person to run my multi-million dollar company, and he or she robs me blind, this person is valuable?

His value increases in fact. He deserved the money more than you. Thank your burglars.

 

[AusWolf]

No it's not. Wealth equals value so more value = more wealth. You're just jealous. Want to have the same wealth? Become a better person and maybe one day you too will be deserving.

Do you think wealth is distributed by what you deserve? What planet do you live on?

 

[Frick]

Do you think wealth is distributed by what you deserve? What planet do you live on?

Wealth is a sign of Plutus' blessing, and he would not bless the impure with wealth.

 

[P4-630]

Office Corporate Vice President Joe Belfiore to leave Microsoft after 32 years

Microsoft veteran and Office VP Belfiore is retiring and leaving the current Office product line-up and strategy to a few key successors.

www.zdnet.com

 

[Totally]

Welcome to modern slavery. Here you are only cherished until it hits the fan.

Last I checked, you are not cherished either way in slavery. And those being let go aren't poor either. If a 6-figure or close to 6-figure income is poor, may I be shocked into silence.

 

[ThrashZone]

Hi,
Trying to sell those new voodoo cores took a lot of funds

 

[mechtech]

Hi,
Trying to sell those new voodoo cores took a lot of funds

Seeing his smiling pic makes things even worse. Hey look I made $173 mill in change, got the chips act, maybe I will give myself a raise/bonus, then layoff a bunch of people.

If typical eng job is 100k (ish) his salary alone is about 1730 employee's. Those morals/ethics give engineers a bad name. Stuff like that makes me want to boycott their stuff. Not saying other corps are angels, but usually layoffs come when bleeding cash/not making profits. Also kind of a slap in the face to the rest of the country, whose tax dollars bailed out a bunch of corps/execs back in 2008/2009.

 

[zlobby]

Last I checked, you are not cherished either way in slavery. And those being let go aren't poor either. If a 6-figure or close to 6-figure income is poor, may I be shocked into silence.

True. The apparent 'cherish' is only that, apparent. It's only designed to boost one's productivity and the value one bring to a company. It quickly disappears when a company no longer needs said employee(s).

The problem with 6-figure salaries is that it tends to make most people think they are indispensable, which is (99.999999%, or even 100% if you are willing to let some kinks in the definition go) never the case. When people getting 6-figure salaries get sacked it's surprised Pikachu-face time i.e., 'OMG, why was I sacked? I did so much for that company', 'They would not be here now if it was not for me!', 'I gave my life for this company!', etc.

 

[mechtech]

Last I checked, you are not cherished either way in slavery. And those being let go aren't poor either. If a 6-figure or close to 6-figure income is poor, may I be shocked into silence.

It's all relative, most places I'd agree, you'd be doing really well on that.

SanFran, 100k a year, probably be living in a shack. Monaco a cardboard box lol

 

[zlobby]

Seeing his smiling pic makes things even worse. Hey look I made $173 mill in change, got the chips act, maybe I will give myself a raise/bonus, then layoff a bunch of people.

If typical eng job is 100k (ish) his salary alone is about 1730 employee's. Those morals/ethics give engineers a bad name. Stuff like that makes me want to boycott their stuff. Not saying other corps are angels, but usually layoffs come when bleeding cash/not making profits. Also kind of a slap in the face to the rest of the country, whose tax dollars bailed out a bunch of corps/execs back in 2008/2009.

You need to understand that this is modern corporate. It's SOLE purpose is to make money, whatever the cost. CEO are not installed because they can inspire people or look good on Bloomberg. They are installed because the people who install them believe they can reach sertain financial targets, hopefully without damaging the brand beyond repair.

Even after these layoffs many fresh engineers will gladly want to join intel (or any other company for that matter), hoping to make a quick buck or a career boost. In either way the company that hires them wins.

salaries are a huge percent of company costs.

Which it is! More so, it gets in the pesky category of OPEX, which all companies dread more than the Devil itself dreads a crucifiction!

It's all relative, most places I'd agree, you'd be doing really well on that.

SanFran, 100k a year, probably be living in a shack. Monaco a cardboard box lol

True! If you think a mil or two would get you anywhere among the Swiss elite for example, you are so wrong. 'Big Guy' club for the Swiss starts north of $15m, so a Lambo or two won't impress anyone there.

 

[The red spirit]

That's not how it works. Sure, they work a lot, but that doesn't mean that they spend all their lives at the company. You talk about them like they were machines, not people. Everybody has expenses outside of one's job, everybody wants nice things, a decent life for family members, holidays, etc. Everybody needs to wind down. Heck, I couldn't even pay rent from 5K a year, not to mention all that I've just listed. More responsibility comes with more compensation. The question is the balance between the two which very few companies manage (or even try) to find.

Then 1.5 of average company's wage should be just right. Why millions?

 

[Chaitanya]

You need to understand that this is modern corporate. It's SOLE purpose is to make money, whatever the cost. CEO are not installed because they can inspire people or look good on Bloomberg. They are installed because the people who install them believe they can reach sertain financial targets, hopefully without damaging the brand beyond repair.

Gelsinger was installed apparently as he is an engineer and to "steer" the company back to its glory days of engineering leader, but its same shit in a shiny new package.

 

[the54thvoid]

Wealth is a sign of Plutus' blessing, and he would not bless the impure with wealth.

Might have missed the sarcasm tags but if not, you'll find wisdom in Greek fables.

Aesop, Fables 130 (from Chambry & Phaedrus 4. 12) (trans. Gibbs) (Greek fable C6th B.C.) :
"Herakles (Heracles) and Ploutos (Plutus, Wealth). Riches are justly hated by courageous men, because a coffer of cash brings an end to honest traffic in praise. Thanks to his excellent qualities, Herakles was given a place in heaven. He saluted the gods who came to congratulate him, one after another, but when Ploutos (Wealth), the son of Tykhe (Tyche, Fortune), approached him, Herakles turned his eyes aside. Father Zeus asked him why he did this. Herakles answered: ‘I hate the god of riches because he is a friend to the wicked, while he also corrupts the entire world by throwing his money around.’"

 

[BigBonedCartman]

“And yeah, AMD has done a solid job over the last couple of years. We won’t dismiss them of the good work that they’ve done, but that’s over with Alder Lake and Sapphire Rapids,”

-Intel CEO Pat Gelsinger

 

[Jism]

Just by the yearly salary for that CEO pretty much jobs could be held for 5 to 10 years.