Intel is reportedly planning to lay off more than 21,000 employees, about 20% of its workforce, with a formal announcement expected soon. This move aligns with the company's strategy under new CEO Lip-Bu Tan, who aims to streamline management and foster an engineering-driven culture. The layoffs come shortly before Intel's Q1 earnings call and follow a previous job cut of 15,000 last year. With the stock price down approximately 67% over the last five years, Tan has begun spinning off non-core divisions, including the recent sale of a majority stake in Altera to Silver Lake.