Intel is cutting costs and won’t pay a dividend for the fourth quarter of this year following weak results and quarterly guidance.
The chipmaker plans to cut 15% of headcount, which was over 125,000 at the end of the second quarter.shares slid 11% in extended trading on Thursday after the chipmaker said Thursday it would lay off over 15% of its employees as part of a $10 billion cost reduction plan and reported lighter results than analysts had envisioned. Intel also said it would not pay its dividend in the fiscal fourth quarter of 2024.Sign up for our free Olympics Headlines newsletter.
Intel's revenue declined 1% year over year in the fiscal second quarter, which ended on June 29, according to a. The company had a $1.61 billion net loss, or 38 cents per share, compared with net income of $1.47 billion, or 35 cents per share, in the year-ago quarter. The company's Client Computing Group that makes PC chips contributed $7.41 billion in revenue, up 9% and right around the $7.42 billion consensus among analysts surveyed by StreetAccount.
Intel's Data Center and Artificial Intelligence unit posted $3.05 billion in revenue. The result was down 3% and lower than the $3.14 billion StreetAccount consensus.For the fiscal third quarter, Intel called for an adjusted net loss of 3 cents per share on $12.5 billion to $13.5 billion in revenue. The LSEG consensus was adjusted net earnings of 31 cents per share and $14.35 billion in revenue.in May that the U.S.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
15-year-old suspect accused of attacking neighbor in hot tub before fatal stabbing: TX officialsA 15-year-old remains in custody after being accused in the stabbing death of his 62-year-old neighbor, who was found dead in her backyard shed outside Houston, Texas.
Read more »
Clyburn says he doesn’t ‘believe for one moment’ Trump will win 15% of black votePolitical News and Conservative Analysis About Congress, the President, and the Federal Government
Read more »
Daily News football preview: 15 defensive players to watch this seasonOaks Christian should be in good shape on defense this season with four players on the Daily News’ list of top defenders going into the 2024 season.
Read more »
15 Best 'Will & Grace' Episodes, RankedThe cast of Will & Grace
Read more »
Federal judge says New Jersey’s ban on AR-15 rifles is unconstitutionalNew Jersey’s ban on the AR-15 rifle is unconstitutional, but the state’s cap on magazines over 10 rounds passes constitutional muster, a federal judge said Tuesday.
Read more »
15 Best 'The Boys' Episodes, RankedAntony Starr as Homelander with his arm outstretched and confetti falling down in Season 4 of The Boys
Read more »