Intel, one of the world’s largest chipmakers, has taken drastic measures to cut costs after posting disastrous quarterly results.

Intel announced that it had slashed wages and bonuses for employees, as well as cutting executive and employee pay across the company. The chipmaker is hoping to preserve cash for investment, as well as targeting cost reductions.

The move follows a significant downturn in the PC market, with Intel reporting a 20% drop in revenue year-on-year. Intel’s share price has also fallen by around 27% since the start of the year.

“The current environment has required us to make difficult decisions,” said Intel CEO Bob Swan in a statement. “We are taking action to ensure Intel emerges from this period of uncertainty even stronger and more competitive.”

The move has been met with criticism from some employees, who have expressed concern about the impact of the pay cuts. Intel has said that it is committed to protecting jobs and providing a competitive total compensation package.

Intel’s moves come as the tech industry continues to grapple with the economic fallout of the COVID-19 pandemic. The company is hoping that its cost-cutting measures will help to ensure its long-term financial health.