Intel stock sinking on Q2 miss, $10B cost cutting plan

2024-08-02 04:29:00+00:00 - Scroll down for original article

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Intel (INTC) shares sink in extended hours after missing second quarter earnings estimates. The semiconductor manufacturer posted $12.83 billion in revenue ($12.95 billion expected) and adjusted earnings of $0.02 per share (expected $0.10 per share). The chip company is also announcing a $10 billion cost-cutting initiative while laying off 15,000 employees. Yahoo Finance senior reporter Akiko Fujita crunches the numbers on Intel's earnings figures and what Wall Street was expecting from its AI and chip foundry businesses. For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime. This post was written by Luke Carberry Mogan.