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Intel to cut more than 15% of workforce as it cuts costs to try to turn chip business around

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Chipmaker Intel Corp. is cutting 15% of its massive workforce as it tries to turn its business around to compete with more successful rivals like Nvidia and AMD. The Santa Clara, California-based company said Thursday it is also suspending its dividend as part of a broader plan to cut cost. The bulk of the layoffs will be completed this year.

FILE - The symbol for Intel appears on a screen at the Nasdaq MarketSite, on Oct. 1, 2019 in New York. Intel Corp. Intel reports earnings on Thursday, Aug. 1, 2024. FILE - Workers listen as President Joe Biden speaks on March 20, 2024, at the Intel Ocotillo Campus in Chandler, Ariz. Intel reports earning on Thursday, Aug. 1, 2024.

Intel reported a loss for its second quarter along with a small revenue decline, and it forecast third-quarter revenues below Wall Street’s expectations.

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