Subj : Intel's Russia business made no money last year - and only has on
To   : All
From : TechnologyDaily
Date : Mon Apr 29 2024 13:15:05

Intel's Russia business made no money last year - and only has one employee

Date:
Mon, 29 Apr 2024 12:00:00 +0000

Description:
Intel has fired more than 700 workers in Russia in its exit from the country, 
leaving just one person at the helm.

FULL STORY
======================================================================

Intels Russian operations resulted in nil profit last year as a result of 
sanctions and restrictions imposed within the country by Western governments 
following Russias invasion of Ukraine more than two years ago, according to a 
recent Abachy report. 

In a similar vein to its rocky year globally, the companys two Russian 
entities, Intel AO and Intel Technologies, operated at a loss last year. 

More broadly, the entire Intel business saw revenue drop by 14% to $54.2 
billion in its financial year 2023, down from $63.1 billion in 2022. Intel in 
Russia may as well not exist 

Having boasted 741 employees in 2022, Intel AO reported just one employee and 
director last financial year  Alina Klushina. Intel Technologies, previously 
operating with 47 employees on the books, also ended up with just Klushina 
remaining. 

In the weeks and months that followed Russias invasion of Ukraine, Intel 
started to wind down operations in the country to support affected citizens 
and adhere to newly imposed sanctions. However, more recently the company 
started to offer certain driver downloads on its Russian site, which it said 
was in line with fulfilling its warranty obligations. 

Besides being a commercial opportunity for the California-based company, 
Russia also served as an important home for its Nizhny Novgorod research and 
development center  a site that became known for its work in software, AI, 
machine vision, 5G and IoT. After a 2020 revamp, the site alone employed 
around 1,000 workers. 

Moreover, Intels cessation of trade in the country has not had the effect the 
company and sanctioning governments had hoped, with Russian customers still 
largely able to import from countries that have not imposed such sanctions. 
More from TechRadar Pro Intel and Microsoft are operating in Russia once 
again Weve rounded up the best productivity tools Check out the best RAM for 
your PC



======================================================================
Link to news story:
https://www.techradar.com/pro/intels-russia-business-made-no-money-last-year-a
nd-only-has-one-employee


--- Mystic BBS v1.12 A47 (Linux/64)
 * Origin: tqwNet Technology News (1337:1/100)

.