Intel Stock Plunges on Wider-Than-Expected Loss, Layoffs To Cut Costs

Category: Finance

Intel reported a second-quarter loss of $1.6 billion, missing expectations and announcing a 15% workforce reduction as part of a $10 billion cost-saving plan. Revenue declined to $12.8 billion, and the company expects third-quarter revenue to fall short of analyst predictions. Intel will also suspend its dividend and cut spending in various areas to improve profits.

Keywords: Intel, earnings report, workforce reduction

Source: Investopedia

Update At: 8/2/2024

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