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

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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.

 

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