With more predictions coming to fruition here at investorAi (our latest being a sell of Intel on 15th July 2024 at $34) we are not surprised to see the bad news. But we are surprised at the depth of it with Intel shares down (at the time of writing) by nearly 30% to $21.
Intel (
INTC) reported its second-quarter earnings after the bell on Thursday 1st August 2024 and has opened into a large sell-off on the markets today. The company fell short of expectations on both the top and bottom lines. The company also announced a $10 billion cost reduction plan, which includes cutting 15% of its workforce and suspending dividend payments. The cutting of jobs also fits in with our other predictions on the job market.
In its release, Intel projected Q3 revenue of between $12.5 billion and $13.5 billion, significantly below analysts' expectations of $14.3 billi ...
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