Get the latest tech news

Intel to cut 15% of headcount, reports quarterly guidance miss

Intel is cutting costs and won't pay a dividend for the fourth quarter of this year following weak results and quarterly guidance.

Intel shares slid as much as 13% in extended trading on Thursday after the chipmaker said 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 said results tied to PC chips that can handle artificial intelligence workloads exceeded internal expectations and were on a path for over 40 million unit shipments in 2024. In addition, Intel disclosed in May that the U.S. Commerce Department was revoking export licenses for consumer items to a customer in China, widely believed to be Huawei.

Get the Android app