Intel Stock Plunges on Wider-Than-Expected Loss, Layoffs To Cut Costs
INTCIntel(INTC) Investopedia·2024-08-02 07:02

Key TakeawaysIntel shares plummeted in extended trading Thursday after the company posted a wider-than-expected loss. CFO David Zinsner said gross margin headwinds tied to Intel's AI PC product and elevated costs negatively affected second-quarter results. The chipmaker said it plans to lay off 15% of its workforce as part of a $10 billion cost-savings plan. Intel (INTC) shares plunged in extended trading Thursday after the company posted a wider-than-expected loss and said it would lay off 15% of its workf ...