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


FILE PHOTO A man walks past the Intel logo at its booth during the first China International Supply Chain Expo CISCE in Beijing China November 28 2023. REUTERSFlorence LoFile Photo

FILE PHOTO: A man walks past the Intel logo at its booth during the first China International Supply Chain Expo (CISCE) in Beijing, China November 28, 2023. REUTERS/Florence Lo/File Photo

(Reuters) -Intel said on Thursday it would cut more than 15% of its workforce and suspend its dividend starting in the fourth quarter as the chipmaker pursues a turnaround centered around its loss-making manufacturing business.

It also forecast third-quarter revenue below estimates, grappling with a pullback in spending on traditional data center semiconductors and a focus on AI chips, where it lags rivals.


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