Intel shares slid 10% in extended trading on Thursday after the chipmaker said Thursday it would lay off over 15% of its employees as part of a $10 billion cost reduction plan and reported lighter results than analysts had envisioned. Intel also said it would not pay its dividend in the fourth quarter of 2024.
Here’s how the company did, compared to LSEG analyst expectations:
Earnings per share: 2 cents adjusted vs. 10 cents expected Revenue: $12.83 billion vs. $12.94 billion expected Intel’s revenue declined 1% year over year in the quarter, which ended on June 29, according to a statement. The company had a $1.61 billion net loss, or 38 cents per share, compared with net income of $1.47 billion, or 35 cents per share, in the year-ago quarter.
The company’s Client Computing Group that makes PC chips contributed $7.41 billion in revenue, up 9% and right around the $7.42 billion consensus among analysts surveyed by StreetAccount.
https://www.cnbc.com/2024/08/01/intel-intc-q2-earnings-report-2024.html