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

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The Star 3h ago

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

Quick Summary:

Intel said on Thursday it would cut more than 15% of its workforce, some 17,500 people, and suspend its dividend starting in the fourth quarter as the chipmaker pursues a turnaround focused on its money-losing manufacturing business.

Intel said in May its sales there would take a hit after Washington revoked some of the chipmaker's export licenses for a customer in China.

It expects to cut capital expenses by 17% in 2025 year-on-year to $21.5 billion, calculated on the midpoint of a range the chipmaker forecast.