Reported 2 months ago
Intel's shares plummeted 26% to $21.48, marking their lowest price since 2013, following a disastrous earnings report that revealed a $1.61 billion net loss. In response, Intel announced a halt to dividend payments, significant capital expenditure cuts, and a workforce reduction of over 15% as part of a $10 billion restructuring plan. The fallout impacted the semiconductor industry broadly, affecting stocks of other major players like Taiwan Semiconductor and Samsung, and prompting a downturn in the Nasdaq index.
Source: YAHOO