From Tom's Hardware: On Thursday, Intel announced its financial results for the second quarter of 2024, and they weren't favorable to the chip giant: The company's revenue dropped by 1% year-over-year while its losses totaled $1.6 billion. Perhaps worse is that Intel expects the second half of the year to be challenging for its business. As a result, Intel announced plans to cut its workforce by a rather whopping 15% this year.
Intel's cuts will be severe. The company plans to slash CapEx by 20% and reduce R&D tremendously as it restructures and stops work on 'underperforming' products. It will embark on one of the largest layoffs in its 56-year history.
Intel's struggles on its foundry side of operations, the group that produces its chips, and a struggling data-center division had an outsized impact on the company's financial struggles. Here's the blow-by-blow.
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