Intel stock plunges 10% as company announces cost cutting plan to slash jobs, suspend dividend

  • 📰 YahooFinanceCA
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 63%

Revenue News

Business Business Latest News,Business Business Headlines

Shares of Intel fell more than 10% on Thursday, as the company reported worse than anticipated earnings.

) reported its second quarter earnings after the bell on Thursday, missing on the top and bottom line, and announcing a $10 billion cost reduction plan that will see the company cut 15% of its workforce and suspend dividend payments. In a release, Intel said it expects Q3 revenue of between $12.5 billion and $13.5 billion, well short of analysts' expectations of $14.3 billion.

The chip offers better power and battery life than competing Intel and AMD chips, making it a quality rival for Apple’s own M-series chips. But Intel is expected to launch its answer to Qualcomm’s processor later this fall. While firefighters continued to battle California’s biggest wildfire of the year, Norm Rosene was spending 18-hour days behind fire lines with a different task –- saving the animals. Tucked in an old wooden barn in the decimated forest town of Cohasset in northern California, his team stumbled upon a freshly born calf that appeared to be just a few days old.ST. PETERSBURG, Fla., Aug.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 47. in BUSİNESS
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tesla shares could swing 10% either way after earnings, options showEV maker appears poised for big moves by Friday
Source: globeandmail - 🏆 5. / 92 Read more »

Tesla shares could swing 10% either way after earnings, options showTraders in the options market expect Tesla shares to swing by nearly 10% in either direction by Friday, options data showed. With Tesla market cap at around...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: With US markets closed, Asian shares slip and European shares gainBANGKOK (AP) — Asian shares were mostly lower on Friday after solid gains in Europe overnight, while U.S. markets were closed for the July 4th holiday.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Intel to report second quarter earnings amid reports of layoffsIntel will report its second quarter earnings after the bell on Thursday.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »