Intel to cut 15% jobs, suspend dividend in turnaround push; shares plummet
Thursday, August 1st 2024, 11:22:47 pm
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(Reuters) -Intel said on Thursday it would cut more than 15% of its workforce and suspend its dividend starting in the fourth quarter as the chipmaker pursues a turnaround centered around its loss-making manufacturing business. Shares of Santa Clara, California-based Intel slumped 20% in extended trade, setting it up to lose more than $24 billion in market value. "I need less people at headquarters, more people in the field, supporting customers," CEO Pat Gelsinger told Reuters in an interview.
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