The chipmaker plans to lay off about a fifth of its employees, Bloomberg reports.
The news comes ahead of the company’s quarterly figures. CEO Lip-Bu Tan, who was appointed last year, is said to be attempting to streamline the company.
Tan replaced Intel’s longtime CEO, Pat Gelsinger, last year. However, the chip giant has struggled to keep shareholders happy for years.
The company’s shares have fallen 67% in the past five years, and Intel’s numbers aren’t looking great as the company invests heavily in new factories.
In August of last year, Intel laid off 15,000 people.