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Intel Corp said on Tuesday that it had made wide reductions in executive and employee pay.
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The company had released a sales forecast that was lower than expected, caused by a drop in market share to competitors and the PC market slump.
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The cuts will range from 5 percent of base salary for employees at mid-levels to up to 25 percent for the chief executive Pat Gelsinger.
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The company's hourly workers' pay won't be reduced. The payment will not be cut, according to a source who is familiar with the situation and was not authorized to speak to the media.
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Intel spokesperson Addy Burr said in a statement that the "changes are designed to impact our executive population more significantly and will help support the investments and overall workforce."
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Intel last week reported that its margins for profit were falling because the PC market was cooling following several years of expansion due to the pandemic.