Intel to cut 'thousands of jobs' in bid to reduce costs

The chipmaker employs around 4,900 people in Ireland

Chief Executive Officer Pat Gelsinger is spending heavily on research and development aimed at improving Intel’s technology and helping it return to prominence in the semiconductor industry. (AP Photo/Richard Drew, File)

Chipmaker giant Intel plans to eliminate "thousands of jobs" to reduce costs and fund an ambitious effort to rebound from an earnings slump and market share losses.

According to Bloomberg, the workforce reduction may be announced as early as this week, according to people familiar with the company’s plans, who asked not to be identified because the information isn’t public.