Intel posted a massive $16.6 billion loss for Q3, driven by asset devaluation and restructuring costs, signifying its largest quarterly loss in 56 years.
Intel's CEO Pat Gelsinger emphasized that the company is making progress in its turnaround plan, despite recent losses, indicating a need for time to see results.
Intel's revenue fell 6% to $13.3 billion, but came in better than some analysts feared, leading to a 12% stock price recovery after the announcement.
The company's significant workforce reduction, involving over 15,000 jobs, was part of Gelsinger's strategy to combat shrinking profit margins and competition in the chip market.
Collection
[
|
...
]