San Francisco, Dec 20 (IANS): Chip giant Intel is laying off 235 employees in its fifth round of job cuts this year, and there may be more job losses at the company in 2024.

Santa Clara-headquartered company said it plans to lay off 235 employees at its research and development facility in Folsom (Sacramento County), reports San Francisco Chronicle, citing regulatory filings to the state.

The layoffs are scheduled to begin on December 31 and take place over two weeks.

"Intel is working to accelerate its strategy while reducing costs through multiple initiatives, including some business and function-specific workplace reductions across the company,” a company spokesperson was quoted as saying.

There may be additional cuts in the New Year, the spokesperson informed.

In previous rounds of layoffs, Intel eliminated 549 positions at its Folsom campus, which accounted for just over 10 per cent of the total staff.

Last year, Intel announced its goal of cutting costs by $10 billion by 2025, through layoffs, reduced hours and potentially selling divisions.

The chip maker currently employs more than 13,000 people across California.

Intel's Folsom campus has been used for a variety of R&D activities, including development of SSDs, graphics processors, software and chipsets.

The chip manufacturer had said it plans to cut its workforce to reduce costs while navigating a challenging macro-economic environment.

According to earlier reports, the semiconductor major may lay off up to 20 per cent of the employees at its client computing and data centre divisions.