Intel Shares Sink as 15% of Workforce Gets Axed, Suspends Dividend
Subheading 1
Intel stock hit the skids after announcing it would cut more than 15% of its workforce, some 17,500 people, and suspend its dividend. On an adjusted basis, Intel earned 2 cents a share while analysts had been modeling 10 cents a share.
Earnings Results
Why Intel is suspending its dividend as stock heads for worst drop since 2000
Intel will also cut...
Conclusion
Intel stock hit the skids after announcing it will slash nearly 17,000 workers and pause its dividend as part of a cost-cutting plan. Intel shares tumbled over 7% in intraday trading Wednesday, extending losses a day after the chipmaker reported a disappointing earnings report. Intel shares were up more than 5% in Monday afternoon trading, narrowing their more than 30% year-to-date loss. Meanwhile, the base salaries of vice presidents will be reduced by 10%, senior vice presidents will see a 15% cut.
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