Intel (INTC) plans to lay off roughly 15,000 employees this year and will stop paying its dividend, as the chipmaker tries to cut costs. The company said...
) plans to lay off roughly 15,000 employees this year and will stop paying its dividend, as the chipmaker tries to cut costs. The company said third quarter revenue will be $12.5 billion to $13.5 billion, which was below analyst expectations . Intel has already been struggling to keep up with competition in the AI chip space, including Nvidia of $0.02 on revenue of $12.8 billion. Analysts were looking for EPS of $0.10 and revenue of $12.9 billion.
And overall, you know, as we'd say, you know, the market was a little bit softer, some of our cyclical businesses taking a bit longer to recovery.So I'll say all of those put together, you know, moderate their outlook.This is the biggest restructuring of intel. And we now have to have this new operating model, intel products and intel foundry for sustainable financial results that allow us to continue to execute that extraordinary vision, you know, for decades to come.
Now, obviously, areas like A I, you know, have driven the discussion on where the investments and data center and cloud go. And I think outside of the A I sector, you've seen that in multiple announcements pat, you know, I followed uh your journey at Intel from day one, I've followed Intel for a long time.Now there's a lot of people in this country rooting for your comeback to be that beacon of hope to make chips in the country.
So all of those investments are ones that we can now build on as we build an efficient, effective foundry and foundries, manage their capital investment very carefully. Yes, pat um for investors who maybe don't know you like you and I have talked for, for some time to be clear, you take delivering a quarter like this and news like this, which some people have not seen before from Intel.I, you were at the company for a long period of time, for many years have came back to turn the company around.
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