Chipmaker Intel has branded its latest set of financial results “disappointing” and is planning to cut around 15% of its workforce to save costs – roughly 15,000 jobs worldwide.

Revenue for the second quarter of this year slid by about 1% compared with the same quarter last year. The job cuts will be concentrated in sales and administration departments, and follows a 5% workforce cut just last year.

“Our Q2 financial performance was disappointing, even as we hit key product and process technology milestones,” said Intel CEO Pat Gelsinger.

“Second-half trends are more challenging than we previously expected, and we are leveraging our new operating model to take decisive actions that will improve operating and capital efficiencies while accelerating our IDM 2.0 transformation.”

The IDM 2.0 strategy is an attempt by the firm to pivot its semiconductor manufacturing plans in a bid to make it the leading manufacturer of chips globally, overtaking Taiwan’s TSMC. It includes significant manufacturing...