By Senad Karaahmetovic
Intel (NASDAQ:INTC) is trying to cut costs by putting on hold the hiring of new employees in the PC and laptop chip division, Reuters reports.
A memo sent to a division of Intel employees on Wednesday said that the company is "pausing all hiring and placing all job requisitions on hold".
“We believe we are at the beginning of a long-term growth cycle across the semiconductor industry and we have the right strategy in place," an Intel representative said in a statement.
"Increased focus and prioritization in our spending will help us weather macroeconomic uncertainty, execute on our strategy and meet our commitments to customers, shareholders, and employees."
The memo also said that all of the job offers processed so far will be honored and that hiring for some of the candidates could continue as soon as two weeks from now.
Intel has been investing heavily in trying to compete with Taiwan Semiconductor Manufacturing (NYSE:TSM).