So there is a lot going on, unfortunately, we’re in an earning season where you don’t disappoint because the stock market is taking no prisoners," he said. A majority of the job cuts will be completed by the end of 2024, Intel said. The company also set out plans to cut operating expenses and reduce capital expenditure of more than $10 billion (€9.25 billion) in 2025. Shares of the company slumped 20 per cent in extended trade, setting it up to lose more than $24 billion (€22.2 billion) in stock market value. Intel had recorded capital expenditures of $25.8 billion in 2023, compared to $24.8 billion in 2022.

Source: The Herald August 02, 2024 10:11 UTC