Intel suffers one of its worst days in 40 years as stock plunges 26%, loses $30M in market value after earnings miss
INTCIntel(INTC) New York Post·2024-08-03 05:15

Intel’s stock price nosedived more than 25% on Friday trading, one its worst trading days in 40 years.The company lost roughly $30 billion in market value after it gave a disappointing forecast and said it would cut 15% of its workforce, deepening worries about its ability to catch up with Taiwan’s TSMC and other chipmakers.“Intel’s issues are now approaching the existential in our view,” Bernstein analyst Stacy Rasgon said. 4 Intel shares plunged nearly 30% on Friday after it announced mass layoffs and d ...