Chipmaker Intel Corp. is cutting 15% of its massive workforce — about 15,000 jobs — as it tries to turn its business around to compete with more successful rivals like Nvidia and AMD.
Next week, Gelsinger wrote, Intel will announce an “enhanced retirement offering” for eligible employees and offer an application program for voluntary departures. Intel had 124,800 employees as of the end of 2023 according to a regulatory filing.“These decisions have challenged me to my core, and this is the hardest thing I’ve done in my career,” he said. The bulk of the layoffs are expected to be completed this year.
The company posted a loss of $1.6 billion, or 38 cents per share, in the April-June period. That's down from a profit of $1.5 billion, or 35 cents per share, a year earlier. Adjusted earnings excluding special items were 2 cents per share.Analysts, on average, were expecting earnings of 10 cents per share on revenue of $12.9 billion, according to a poll by FactSet.
Shares plunged more than 20% to $23.82 in after-hours trading, indicating that Intel could lose roughly $24 billion of its market value when the stock market opens Friday.Cuba Gooding Jr. is trying to restore his career after scandal. What he's saying about reclaiming his spot in Hollywood. LITTLETON, Colo. — A wildfire on the edge of metro Denver crept within a quarter-mile of evacuated homes, but authorities said Thursday they were hopeful that hundreds of threatened residences could be saved as they grapple with sweltering temperatures and firefighters suffering heat exhaustion.ANAHEIM, Calif. — Angels star Mike Trout needs a second surgery for a torn meniscus in his left knee, ending another injury-marred campaign for the three-time MVP.
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