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Tom’s Hardware
Tom’s Hardware
Technology
Anton Shilov

Intel loses $1.6 billion as data center CPU and foundry divisions struggle

Intel Corporation Altera Intel Foundry Ai group CCG
Intel.

On Thursday, Intel announced its financial results for the second quarter of 2024, and they weren't favorable to the chip giant: The company's revenue dropped by 1% year-over-year while its losses totaled $1.6 billion. Perhaps worse is that Intel expects the second half of the year to be challenging for its business. As a result, Intel announced plans to cut its workforce by a rather whopping 15% this year. 

Intel's cuts will be severe. The company plans to slash CapEx by 20% and reduce R&D tremendously as it restructures and stops work on 'underperforming' products. It will embark on one of the largest layoffs in its 56-year history. 

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