Intel's shares fell over 18% to $23.56 in after-hours trading on August 1 after the chipmaker's Q2 earnings missed top and bottom line estimates. The company's overall revenue fell 1% year-over-year (YoY) to $12.8 billion, missing analyst estimates of $12.9 billion.
The chipmaker's Q3 revenue estimates between $12.5 billion and $13.5 billion were again below expectations of $14.3 billion. Intel also suspended dividend payouts starting Q4 until cash flow increased to sustainable levels. However, for Q3, the company announced a dividend of $0.125 per share, payable on September 1. As part of its more than $10 billion cost-cutting plan, an estimated 15%, or over 17,000 employees of Intel's global workforce, would be let go.
