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

📆 8/1/2024 8:51 PM
📰 AP

⏱ Reading Time:
9 sec. here
12 min. at publisher
📊 Quality Score:
News: 42%
Publisher: 51%

Labor News

General News,Technology,Financial Markets

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.

Write Comment

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:

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

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

Intel to cut more than 15% of workforce as it cuts costs to try to turn chip business aroundChipmaker 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.
Source: wjxt4 - 🏆 246. / 63 Read more »