Chipmaker Intel Corp is planning to cut THOUSANDS of jobs.

The layoffs will be announced as early as this month and some of Intel’s divisions, including the sales and marketing group, could see cuts affecting about 20% of staff, according to the report.

Some divisions, including Intel’s sales and marketing group, could see cuts affecting about 20% of staff.

According to Intel, this is due to a “slowdown in the personal computer market,” Bloomberg News reported on Tuesday, citing people with knowledge of the situation.

The company is also suffering a major decline in demand for PC processors and has been struggling to gain back market share lost to competitors such as Advanced Micro Devices Inc.

In July, Intel stated that sales in 2022 would be about $11 billion lower than it previously expected.

Analysts are predicting a third-quarter revenue drop of roughly 15%.

Intel’s margins are about 15 percentage points narrower than historical numbers of around 60%.

During its second-quarter earnings call, Intel recognized that it could make changes to improve profits.

“We are also lowering core expenses in calendar year 2022 and will look to take additional actions in the second half of the year,” said Pat Gelsinger, the CEO.

The last time Intel had major layoffs was in 2016, when about 12,000 people were let go, or 11% of its total staff.

Intel has made other cuts since 2016 and shuttered multiple divisions, including its cellular modem and drone units.

Intel also froze hiring earlier this year, when market conditions soured and fears of a recession grew.

The latest cutbacks are likely meant to reduce Intel’s fixed costs by approximately 10% to 15%, Bloomberg Intelligence analyst Mandeep Singh said.

He estimates that those costs range from at least $25 billion to $30 billion.