🚨Intel to cut 15% jobs, suspend dividend in turnaround push; shares plummet 🧑🏻💼👨🏻💼
Intel announced significant changes on Thursday, including cutting over 15% of its workforce (about 17,500 employees) and suspending its dividend starting in the fourth quarter. This is part of a broader turnaround plan focused on improving its struggling manufacturing business.
The company also projected third-quarter revenue below market expectations due to reduced spending on traditional data center chips and competition in the AI chip market. Intel's stock dropped 20% in after-hours trading, reflecting concerns over its performance compared to rivals like Nvidia and AMD.
Intel plans to cut operating expenses and capital expenditures by over $10 billion in 2025. Despite efforts to recover its competitive edge, particularly in AI chips, analysts believe it will take years for Intel’s turnaround plan to show significant results. The company is also facing challenges from weakened consumer and enterprise spending, particularly in China.
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