"We are making hard but necessary decisions to streamline the organization," writes the tech giant's CEO in a memo to employees.

Continued lay-offs and further spending cuts are part of the turnaround plan of the US-based chipmaker to save the company's future, as it has just reported further losses for the second quarter of the year.

Intel is going to end the year with a workforce that is over a fifth smaller than last year, it said on Thursday, and new CEO Lip Bu Tan presented a blueprint for a more cost-disciplined, streamlined chipmaker that would issue "no more blank checks.