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Intel Shares Fall After a Disappointing Forecast, Jobs Cut Announcement
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April 24, 2025
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4:15Now PlayingIntel Corp., the chipmaker attempting a comeback under new Chief Executive Officer Lip-Bu Tan, gave a weak forecast for the current period and said it’s cutting workers to bring costs in line with the business’s smaller size.
Second-quarter revenue will be between $11.2 billion and $12.4 billion, the company said in a statement Thursday. That was well short of the $12.9 billion average analyst estimate, sending the shares down more than 6% in late trading.
Alongside the results, Tan indicated that he’ll quickly be putting his stamp on Intel — and trying to energize a culture that he feels has become too bureaucratic. The cost-cutting plan will involve “eliminating management layers” to enable it to make faster decisions, Intel said.
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