Intel shares sink with 15% of workforce getting axed, suspends dividend

Category: Business

Intel announced it will cut nearly 17,000 jobs and pause its dividend as part of a cost-cutting plan to save $10 billion amid declining sales and increased competition in the AI chip market. The company reported a loss of $1.6 billion, with shares down over 40% this year.

Keywords: Intel, job cuts, AI chips

Source: Fox Business

Update At: 8/2/2024

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