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INTEL MASS LAYOFFS UPTO 15%, DIVIDEND CUT AMID STOCK PLUNGE
The Business Guardian
|August 03, 2024
Intel is cutting 17,500 jobs and suspending its dividend after forecasting weaker-thanexpected third-quarter revenue and facing intense competition in the AI chip market.
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Intel announced significant changes to its operations on Thursday, revealing plans to reduce its workforce by over 15%, equivalent to approximately 17,500 employees, and suspend its dividend payments starting in the fourth quarter. This move is part of a broader strategy aimed at reversing the company's financial troubles and refocusing on its core manufacturing business, which has been struggling with losses.
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