Intel faces a crisis as it announces major layoffs and stock drops 10%! What’s happening behind the scenes?
Hold onto your hats, tech enthusiasts! Intel, the chip-making titan, has just pulled a rabbit out of its hat—but instead of magic, it’s a disastrous quarterly report! The tech giant revealed that its earnings missed Wall Street’s expectations for the second quarter, sending shockwaves through the stock market as shares plummeted over 10%. What’s more, the company has gone into panic mode, initiating a cost-reduction plan that includes saying goodbye to a staggering 15% of its workforce, roughly 15,000 employees. The question everyone is asking: What happened to the days of endless legacies and booming tech profits?
Intel’s CEO, Pat Gelsinger, put it bluntly on Thursday as the firm struggled to keep pace with soaring competitors like Nvidia, who appear to be riding high on the AI technology wave while Intel sinks like a lead balloon. Gelsinger admitted, "I misjudged the boom that’s been flooding cash into our rivals!" Wow, if CEOs had to take a hit on their bonuses every time they misjudged their competition, we’d see a lot less bravado in boardrooms across the globe.
To make matters worse, Intel announced the suspension of its much-cherished fourth-quarter dividend—a move that has shareholders sharpening their pitchforks. The company is not just in it to survive; it's pivoting to compete more aggressively against the likes of Nvidia and AMD, which have deftly seized the mantle of innovation in recent years. But let’s face it, cutting capital expenditures and reducing workforce is akin to applying a Band-Aid to a full-blown arm amputation!
In a twist of intrigue, the broader tech world watches on, popcorn in hand, waiting to see if this cost-cutting measure will breathe new life into Intel or if it's just goodnight for the tech giant. Interesting fact: the semiconductor industry is known notoriously for being cyclical. Companies that once basked in sunshine can suddenly find themselves in the shadows faster than you can say ‘microchips’! And get this—did you know that during the dot-com bubble burst in the early 2000s, Intel's stock dropped about 80% from its peak? Talk about a roller coaster ride! Here’s hoping history doesn’t repeat itself too viciously...
Intel (INTC) late Thursday badly missed Wall Street's targets for the second quarter and with its guidance for the third quarter. The chip giant also ...
Shares of Intel fell more than 10% on Thursday as the company reported worse-than-anticipated earnings.
Intel will say goodbye to 15000 employees, cut capital expenditures and forgo a fourth-quarter dividend following weak results and quarterly guidance.
Intel CEO says he misjudged the boom that has created a windfall for chipmakers such as Nvidia, that are leading the AI race for next generation technology.
Intel shares plummeted in extended trading Thursday after the company posted a wider-than-expected loss and said it would lay off 15% of its workforce as ...
Intel said the layoffs are necessary to turn around its business and better compete with its more successful chipmaker rivals such as Nvidia Corp. and Advanced ...
This update corrects the revenue estimate for Intel's second quarter. Intel Corp. Chief Executive Pat Gelsinger put it bluntly as he announced a $10 billion ...
Intel said on Thursday it would cut more than 15% of its workforce, some 17500 people, and suspend its dividend starting in the fourth quarter as the ...
US chipmaker says it will also reduce capital spending as turnaround strategy hits another setback.
Global semiconductor stocks fell Friday after a lackluster set of results from U.S. chip firm Intel sent its shares cratering, and a global market sell-off ...
Intel stock dropped 17% after the company reported Q2 earnings. Is it a buy right now?
The company said it was suspending its dividend starting in Q4. Intel reported Q2 adjusted earnings of $0.02 on revenue of $12.83B, missing Wall Street ...
On Thursday, the chip maker announced a flurry of bad news—including cutting 15,000 jobs, suspending its dividend, issuing disappointing earnings results, and ...
Intel was set to erase nearly $25 billion in stock market value on Friday in potentially its worst selloff since 2000 after it suspended dividend and ...
The worst news to come out of Intel's second quarter financial results was that it would be cutting roughly 15000 jobs, or 15% of its global workforce.
Intel shares collapsed in early Friday trading, taking the stock back to levels last seen in the early 2000s, after the chipmaker posted second-quarter ...
Intel shares plunged over 20% in pre-market trading on Thursday, following the company's announcement of drastic cost-cutting measures and disappointing ...
Friday's drop of more than 23% is driven by poor earnings, the suspension of dividends and plans to cut 15000 jobs under a $10bn cost-reduction plan.
issues “are now approaching the existential,” in the view of Bernstein analyst Stacy Rasgon, who said that backdrop prompted Intel to suspend “what remained of ...
Intel just served up a wave of very bad news for investors. The stock of Intel (INTC -26.40%) is getting crushed in Friday's trading. The company's share price ...
Intel is on track for one of its worst days in history and if losses hold it could erase $35 billion in market value on Friday.
Shares of Intel fell more than 10% on Thursday as the company reported worse-than-anticipated earnings.
Intel was set to erase nearly $25 billion US in stock market value on Friday in potentially its worst sell-off since 2000, after it suspended its dividend ...
Chip giant Intel's (INTC) stock price cratered on Friday, after falling short on second quarter earnings Thursday and announcing a $10 billion cost ...
Intel's second quarter is pretty much a carbon copy of the first three months of 2024 when it comes to revenues across its newly constituted groups, and.