August 2, 2024 11:33 AM

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

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. Shares of Santa Clara, California-based Intel slumped 20% in extended trade, setting it up to lose...