Intel stock plunges as company announces cost-cutting plan to slash jobs, suspend dividend

Category: Finance

Intel reported Q2 earnings, missing expectations with EPS of $0.02 and revenue of $12.8 billion. The company announced a $10 billion cost reduction plan, including a 15% workforce cut and suspended dividends. Intel's Q3 revenue forecast is between $12.5 billion and $13.5 billion, below analyst expectations. The company is facing challenges from competitors like AMD and Qualcomm while trying to regain market share and expand its AI chip business.

Keywords: Intel, earnings report, chip market

Source: Yahoo Finance

Update At: 8/2/2024

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