Intel to lay off 15,000 employees in major cost-cutting move

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Times of India 15h ago

Intel to lay off 15,000 employees in major cost-cutting move - Times of India

Quick Summary:

The job cuts follow a challenging quarter for Intel, which reported a $1.6 billion loss in its April-June earnings report, alongside a slight revenue decline to $12.8 billion.

Intel has struggled to keep pace with competitors like Nvidia, whose dominance in the AI chip market has been a particular challenge.

The disappointing performance led to a 19% drop in Intel’s stock during after-hours trading, signaling a potential $24 billion loss in market value when trading resumes on Friday.