Intel crashes as Q2 results, guidance miss expectations; lays off 15% of staff (INTC)

Category: Finance

Intel shares fell 10.5% after announcing weaker-than-expected guidance and plans to cut 15% of its workforce while suspending its dividend. The company expects third-quarter revenue between $12.5B and $13.5B, below analyst expectations. Second-quarter results showed a slight revenue decline, with significant impacts from gross margin headwinds and non-core business charges. Intel aims to streamline operations and improve liquidity through spending cuts and job reductions.

Keywords: Intel, semiconductor, earnings report

Source: Seeking Alpha

Update At: 8/2/2024

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