Intel is taking drastic steps to stabilize its finances, including cutting 15,000 jobs and slashing capital spending. Discover why Intel shares fell 20%, and what these moves mean for the future of the tech giant. Is this the end of Intel’s dominance or a strategic pivot for a comeback? Watch to find out!
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Location: london
WooGlobe Ref : WGA537804
For licensing and to use this video, please email licensing@wooglobe.com
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00:00BREAKING NEWS! Intel shares plummet 20% as the tech giant plans to cut a staggering 15,000 jobs.
00:07What's going on with one of the biggest names in tech? Stay tuned to find out!
00:12Intel's latest bombshell. 15% of its workforce will be slashed this year. That's around 15,000 jobs gone.
00:20Plus, they're cutting capital spending and scrapping their dividend.
00:24What's driving these drastic measures?
00:27Investors are spooked! Intel's shares plunged as much as 20% in aftermarket trading.
00:33This is a bigger hit than their last earnings report.
00:36Wall Street is losing confidence in CEO Pat Gelsinger's turnaround plan.
00:40Intel blames production issues with their Meteor Lake processors
00:44and a shift in customer spending towards AI chips from competitors like NVIDIA.
00:48Data center sales fell 3% despite a wider boom in the industry.
00:53CEO Pat Gelsinger remains optimistic.
00:57He says Intel will see significant benefits from recent investments by 2026.
01:02But cuts to capital spending and a weak Q3 forecast have experts worried about losing ground to AMD and NVIDIA.
01:10For Q2, Intel's revenue fell 1% to $12.8 billion, missing expectations.
01:17Earnings were just $0.02 per share, way below the $0.10 analysts expected.
01:22The Q3 outlook isn't any better, with a predicted revenue drop and a loss of $0.03 per share.
01:28Amidst all this, Intel recently secured $8.5 billion in funding from Washington.
01:34This support aims to solidify Intel as a national champion in semiconductor manufacturing.
01:40But can they leverage this to bounce back?
01:43What do you think about Intel's drastic measures? Will they turn things around or fall further behind?