Intel Gives Weak Forecast, Moves to Slash Jobs

Intel, the chip-maker attempting a comeback under new chief executive officer Tan Lip-Bu, gave a weak forecast for the current period and said it is cutting workers to bring costs in line with the business' smaller size.

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SAN FRANCISCO - Intel, the chip-maker attempting a comeback under new chief executive officer Tan Lip-Bu, gave a weak forecast for the current period and said it is cutting workers to bring costs in line with the business' smaller size.

Second-quarter revenue will be between US$11.2 billion (S$14.7 billion) and US$12.4 billion, the company said on April 24. That was well short of the US$12.9 billion average analyst estimate, sending Intel shares down more than 6 percent in late trading.