Intel shares slumped 20% in extended trade after it announced sweeping job cuts and a suspension of its dividend.
cut more than 15% of its workforce, some 17 500 people, and suspend its dividend starting in the fourth quarter as the chip maker pursues a turnaround focused on its money-losing manufacturing business.
“I need less people at headquarters, more people in the field, supporting customers,” CEO Pat Gelsinger said in an interview, talking about the job cuts. On the dividend suspension, he said: “Our objective is to … pay a competitive dividend over time, but right now, focusing on the balance sheet, deleveraging.”
On Thursday, Intel announced it would cut operating expenses and reduce capital expenditure by more than $10-billion in 2025, more than it initially planned.“A $10-billion cost reduction plan shows that management is willing to take strong and drastic measures to right the ship and fix problems.
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