Intel has announced that it is cutting 15,000 jobs across the company as it pursues fundamental changes amid growing competition.

This marks the biggest job cuts Intel has ever announced.

“We plan to deliver 10 billion dollars in cost savings in 2025, and this includes reducing our head count by roughly 15,000 roles, or 15 percent of our workforce,” said CEO Pat Gelsinger in a note to employees.

“This is an incredibly hard day for Intel as we are making some of the most consequential changes in our company’s history,” he said.

Additionally, he said the company will begin offering employees early retirement incentives and buyouts next week and suspend its shareholder dividend beginning next quarter.

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“These decisions have challenged me to my core, and this is the hardest thing I’ve done in my career. My pledge to you is that we will prioritize a culture of honesty, transparency and respect in the weeks and months to come.”

Intel reported revenue of 12.8 billion dollars for the second quarter, down 1 percent year over year, and a net loss of 1.6 billion dollars.