Intel Corp(NASDAQ:INTC) has made headlines with its recent announcement of significant restructuring and disappointing quarterly earnings. The tech giant reported earnings of just 2 cents per share, falling dramatically short of the analyst consensus estimate of 10 cents.
This represents a staggering 84.62% decrease from the same period last year. Intel's response includes a major $10 billion cost-reduction plan aimed at streamlining operations and reducing headcount by over 15%, with the majority of cuts expected by the end of 2024.
Additionally, the company will suspend its dividend starting in Q4 2024. Analysts are reacting with a mix of skepticism and cautious optimism. Here's...
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