Intel Ireland Hands Out Three Months’ Unpaid Leave To 40% Employees As Part Of Cost Cut Drive

Intel Corp’s (NASDAQ: INTC) Irish operation doled out three months’ unpaid leave to up to 2,000 staff as part of cost-cutting measures.

Intel offered the workers at its manufacturing division unpaid leave as part of a “voluntary time off” program, the Business Post reports.

“Voluntary time off programs allow us an opportunity to reduce short-term costs and offer employees attractive time off options,” Intel told Reuters, adding that manufacturing talent represents a critical element of its business in Ireland.

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Intel has nearly 5,000 employees across Ireland.

The move comes as the chipmaker cut its full-year profit and revenue forecast in October and warned it would lay off staff. Intel also said it would reduce costs amid the macroeconomic uncertainties.

Intel reported revenue of $15.3 billion in the third quarter, down 20% year-over-year.

The revenue total missed a Street estimate of $15.43 billion.

Price Action: INTC shares traded lower by 0.10% at $29.80 premarket on the last check Friday.