Reported 2 months ago
Intel (INTC) reported its second quarter earnings, revealing a drop in revenue and missing analyst expectations. The chipmaker announced a $10 billion cost-cutting plan that includes laying off 15% of its workforce and suspending dividend payments. Following the news, Intel's shares fell by over 16%. As the company attempts to regain market share lost to AMD and focuses on AI chip development, it faces challenges from increasing competition, especially from Qualcomm’s new chip offerings.
Source: YAHOO