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Intel axes 15,000 jobs after sales tumble

Apple sales returned to growth, but Intel reported a sales slump and announced sweeping job cuts.

The report came as the three major share indexes in the US closed lower, and investors sold off big names, including Amazon, in after-hours trade. That marked a slowdown from the prior quarter and it forecast further weakening in the months ahead, putting pressure on margins, even as the firm ramps up investments in areas such as artificial intelligence (AI). "Our revenues have not grown as expected – and we’ve yet to fully benefit from powerful trends, like AI," chief executive Pat Gelsinger wrote in a memo to staff.

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