Intel Stock Surges as Chipmaker Cuts Over 500 Jobs

Intel (INTC) said it plans to start laying off hundreds of workers in Oregon as part of previously announced cuts under its restructuring plan. 

Shares of the embattled chipmaker jumped over 7% Tuesday, extending recent gains driven by hopes that new CEO Lip-Bu Tan can engineer a turnaround and speculation of potential deals to sell parts of its business. Still, the stock has lost close to a third of its value over the past 12 months.

The cuts will affect about 529 employees at four facilities in Aloha and Hillsboro, Ore., starting on July 15, Intel said in a regulatory filing Monday. The chipmaker in recent weeks said it would trim over 100 roles in Santa Clara, Calif.

Intel did not immediately respond to Investopedia’s request for comment.

Bloomberg in April reported the company could move to cut over 20% of its staff, more than the 15% Intel previously said it would. The company had more than 100,000 employees worldwide as of the end of last year, according to a regulatory filing .