Intel (INTC) Reports Q1, Announces $10B Cost Reduction, Will Cut 15% Staff, Suspends Dividend
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Intel Reports Second-Quarter 2024 Financial Results; Announces $10 Billion Cost Reduction Plan to Increase Efficiency and Market Competitiveness
August 1, 2024 4:01 PM EDTNEWS SUMMARY
Second-quarter revenue of $12.8 billion, down 1% year over year (YoY). Second-quarter GAAP earnings (loss) per share (EPS) attributable to Intel was $(0.38); non-GAAP EPS attributable to Intel was $0.02. Forecasting third-quarter 2024 revenue of $12.5 billion to $13.5 billion; expecting third-quarter GAAP EPS attributable to Intel of $(0.24); non-GAAP EPS attributable to Intel of $(0.03). Implementing comprehensive reduction in spending, including a more than 15% headcount reduction, to resize and refocus. Suspending dividend starting in the fourth quarter of 2024.... More