Overview

• Intel will reduce its workforce from about 99,500 employees at the end of 2024 to roughly 75,000 by year-end, slashing management layers by around 50%.
• The company is pausing or canceling planned chip factories in Germany and Poland, slowing construction on its Ohio site and consolidating packaging operations from Costa Rica into Vietnam and Malaysia.
• Second-quarter revenue held at $12.9 billion but produced a $2.9 billion net loss, which included $1.9 billion in restructuring charges.
• Intel projects a third-quarter loss of $0.24 per share—worse than the $0.18 analysts expected—while forecasting revenue near $13.1 billion.
• CEO Lip-Bu Tan warned that without securing major external customers for its next-generation 14A process, Intel may have to exit the chip foundry business.