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Intel Stock Drops Toward 50-Year Low Amid Mass Layoffs
Intel's stock plunged as much as 30% on Friday after the company issued disappointing guidance and announced plans for a substantial workforce reduction. According to Bloomberg, it was the company's biggest single-day drop since at least 1982. Markets Insider reports: The decline comes after the so...
Intel's stock plunged as much as 30% on Friday after the company issued disappointing guidance and announced plans for a substantial workforce reduction. "Our Q2 financial performance was disappointing, even as we hit key product and process technology milestones," CEO Pat Gelsinger said in a press release. "Japanese equities suffered their worst day since the Covid-19 pandemic rocked markets in 2020; the Nikkei 225 share index tumbled by 5.8% to its lowest closing level since January," reports The Guardian.
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