Intel Faces 28% Stock Decline Amid Earnings Miss and 15% Workforce Reduction
Sectors & Industries
August 5, 2024
Intel shares plunged 28% following disappointing earnings results and an announcement to lay off 15% of its workforce.
This triggered a global semiconductor stock sell-off, affecting major players like Samsung, TSMC, and ASML.
The company swung to a $1.61 billion net loss after reporting net income of $1.48 billion in the year-earlier period. Adjusted earnings per share of 2 cents fell way short of the average analyst estimate of 10 cents, according to LSEG. Revenue also missed expectations.
Intel said it won’t pay its dividend in the fiscal fourth quarter of 2024 and lowered its forecast for full-year capital expenditures by over 20%. The company said it would lay off more than 15% of its employees as part of a $10 billion cost-reduction plan.
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