2024-08-01 23:55:08
Stocks
Technology

Intel Faces Challenges as Stock Plunges on Q2 Miss

Intel reported a disappointing Q2 with an 85% earnings crash and a 1% decline in sales. The company announced $10 billion in cuts, including a 15% reduction in its workforce and the suspension of its dividend.

The weak Q3 forecast and the challenges of competing with rivals like AMD and Qualcomm's Snapdragon X Elite PC chip contributed to the stock plunging 19% after-hours and 5.5% in the regular session. Intel's CEO, Pat Gelsinger, plans to focus on deleveraging and capital investments over shareholder dividends.

The company aims to regain market share by building AI chips and third-party foundry businesses. However, Intel's manufacturing upgrade and build-out program have put a strain on profits.

Despite the difficulties, Gelsinger remains confident in Intel's ability to catch up with and surpass its competitors in chip manufacturing and AI technologies.

Yahoo Finance
1. August 2024 um 20:58

Intel Stock Plunges On Q2 Miss | Investor's Business Daily

Finance
Economy
Technology
Intel missed Q2, announced $10B cuts, suspended dividend, expects weak Q3, saw 85% earnings crash and 1% sales decline; CEO cites "more challenging" trends, plans over 15% headcount cut; stock plunged 19% after-hours, 5.5% in regular session.
Yahoo Finance
1. August 2024 um 20:12

Intel stock plunges as company announces cost cutting plan to slash jobs, suspend dividend

Finance
Economy
Technology
Intel reported Q2 earnings miss, announced $10B cost cuts, 15% workforce reduction, suspended dividend. Shares plunged 16% on weak Q3 guidance as PC market recovery slows. Company seeks to regain market share from AMD, build AI chip and third-party foundry businesses. Faces threat from Qualcomm's Snapdragon X Elite PC chip. Data Center and AI segment revenue missed expectations. Client segment revenue also missed.
Yahoo News
1. August 2024 um 20:03

Intel to cut 15% jobs, suspend dividend in turnaround push

Economy
Finance
Technology
Intel to cut over 15% of workforce, suspend dividend; reduce capital spending by over $10B in 2025; forecast Q3 revenue below estimates; implement $10B cost reduction plan; expand manufacturing capacity to compete against TSMC; CEO says focusing on deleveraging, capital investments over dividend for greater shareholder return; Intel stock slumps 15% in extended trade.
Yahoo Finance
1. August 2024 um 23:03

Intel Says Sales Will Fall Short of Expectations, Cuts Jobs

Economy
Technology
Finance
Intel announced over 15,000 job cuts, suspended dividends, and reported disappointing Q3 results, with revenue missing estimates and a loss per share. CEO Gelsinger acknowledged challenges ahead, including Intel's manufacturing upgrade and build-out program weighing heavily on profits. However, Gelsinger remains confident Intel's manufacturing can catch and surpass rivals. The rise of AI is proving a 'gold mine' and cutting into spending on the type of processors Intel makes.
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