AMERICAN MULTINATIONAL INTEL is planning to cut thousands of jobs in an effort to finance its recovery, according to media reports.

Bloomberg has reported that the chip manufacturer, which has a large Irish operation, plans to cut the jobs as a cost-reduction measure following a recent slump in the stock market.

The media reports suggest that the workforce reduction may be announced as early as this week, as the company prepares to report its quarterly results on tomorrow.

It is unclear how the planned move will impact the 4,900 Intel workers employed across Ireland, the vast majority of which are based in Leixlip, Co Kildare.

It is understood that Minister for Enterprise Peter Burke is in contact with the IDA and the company. Intel has also been approached for comment.

Intel has previously cut its workforce by around 5% last year, following an announcement made in 2022, with about 130 of those job losses coming in Ireland.

It has faced stiff competition in the semiconductor industry from fellow American multinational Nvidia, as well as companies based in China and Taiwan.

The company first set up in Ireland in 1989 and has invested up to €30 billion in the country, creating what it says is the most advanced industrial campus in Europe at its Leixlip site.