Intel Corp (INTC) said earlier this week it had reduced pay for employees and executives. The cuts will be within the range of 5% for mid-level employees to 25% for the company’s Chief Executive Officer Pat Gelsinger.
Pay for vice president level employees will be cut by 10% and top executives other than the CEO will see 15% reductions.
On the other hand, pay for Intel’s hourly staff will not be reduced.
The announcement comes one week after the tech company forecast lower sales than anticipated due to a loss of market share to competitors such as Advanced Micro Devices Inc and a PC market downturn.
According to a spokesperson for Intel, the “changes are designed to impact our executive population more significantly and will help support the investments and overall workforce.”
The shares of Intel Corporation closed 1.11% ($0.31) higher at $28.26 on Nasdaq on Tuesday, with the technology company’s total market cap now standing at $116.91 billion.
The shares of Intel Corporation went down 48.68% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).
Analyst stock price forecast and recommendation
According to TipRanks, at least 17 out of 28 surveyed investment analysts had rated Intel Corp’s stock as “Hold”, while 8 – as “Sell”. The median price target on the stock stands at $27.62.
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