Intel Expects To Reduce Workforce By Over 15% - Update

(RTTNews) - Intel Corp. (INTC), Thursday announced that the company expects to reduce workforce by over 15 percent with the majority completed by the end of 2024.

The announcement comes as a part of a $10 billion cost reduction plan to improve operational efficiency, accelerate profitability, and increase competitiveness.

The plan also includes structural and operating realignment across the company, and operating expense and capital expenditure reductions.

Q2 Results

The company reported loss of $1.6 billion or $0.38 per share for the second quarter compared with profit of $1.5 billion or $0.35 per share last year.

On adjusted basis, profit declined to $0.1 billion or $0.02 a share from $0.5 billion or $0.13 a share in previous year.

Analysts, on average, polled by Thomson Reuters expected earnings of $0.1 per share for the period.

Revenue stood at $12.8 billion versus $12.9 billion in prior year.

Looking ahead, Intel expects loss of $0.24 a share and revenue of $12.5 to $13.5 billion in the third quarter.