2024-08-02 09:00:08
Business
Companies
Economy

Intel's Second Quarter Earnings and Layoff Plans Amidst Competitor's Success

Image courtesy of : AFP (JUSTIN SULLIVAN)

Intel is preparing to announce its second-quarter earnings, revealing a revenue of $12.9B and EPS of $0.10 while facing tough competition from AMD and Qualcomm in the PC market. The company's Data Center and AI revenue stands at $3B, with plans to launch a new chip to rival Qualcomm's Snapdragon X Elite.

Alongside this news, Intel is set to lay off thousands of employees as part of a $10B cost-cutting initiative under CEO Pat Gelsinger. These actions come as Intel struggles with a 1% revenue decline and challenges in AI PC products, contrasting with Nvidia's success in the CPU market.

On the other side, Qualcomm has reported strong Q3 results, exceeding Wall Street expectations with an 11% revenue increase to $9.39 billion and an adjusted EPS of $2.33. The company's stock rose significantly, reflecting the successful execution of Qualcomm's growth strategy and the introduction of the Snapdragon X Series for PCs, signaling a shift towards becoming a leading intelligent computing company.

Yahoo Finance
1. August 2024 um 22:33

Qualcomm Stock Rises On June-Quarter Beat | Investor's Business Daily

Finance
Technology
Economy
Qualcomm, a wireless-chip leader, reported strong Q3 results, beating Wall Street's targets. Revenue rose 11% to $9.39 billion, with adjusted EPS of $2.33. The company expects Q4 earnings of $2.55 per share on $9.9 billion in sales. Qualcomm's chip business accounted for 86% of revenue, with handsets contributing 73% and automotive up 87% to $811 million, but IoT down 8% to $1.4 billion. The technology licensing business contributed the remaining sales. Qualcomm stock jumped 8.4% to $180.95 du..
Yahoo Finance
1. August 2024 um 18:12

Intel to report second quarter earnings amid reports of layoffs

Economy
Technology
Finance
Intel Q2 earnings: EPS $0.10, revenue $12.9B; facing PC competition from AMD, Qualcomm; Data Center and AI revenue $3B; launching answer to Qualcomm's Snapdragon X Elite chip; plans to lay off thousands; spending billions on factories, facilities.
AFP
2. August 2024 um 05:14

Chip manufacturer Intel announces significant job cuts

Economy
Technology
Finance
Intel, a leading US chip manufacturer, is announcing a massive job cut of over 15%. The company recorded a loss of $1.6 billion in the 2nd quarter and will not pay a dividend by the end of the year.
Yahoo Finance
1. August 2024 um 23:05

Intel to lay off 15,000 employees

Economy
Technology
Finance
Intel to lay off 15,000 employees, over 15% of staff, in $10B cost-cutting plan under CEO Pat Gelsinger as company struggles with 1% revenue decline, gross margin headwinds in AI PC products, failure to capitalize on AI boom unlike rivals like Nvidia in CPU chips, suspension of shareholder dividend, enhanced retirement offering for eligible employees, and $24B revenue decline between 2020-2023 despite 10% workforce growth.
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