Intel Corp reported a $1.6 billion net loss for Q2 2024, causing a 26% plunge in its share value—the largest in 40 years. The disappointing performance led Intel to announce plans to cut 15,000 jobs and suspend dividend payouts from Q4 2024.
The company forecasts Q3 sales between $12.5 billion and $13.5 billion, falling short of analysts' $14.38 billion estimate. Intel also aims to reduce expenses on new plants and equipment by 20% this year and further cut costs in 2025 to improve liquidity and reduce debt.