US chip maker Intel plans to cut 17,000 jobs. Through this, the company will reduce the total manpower by 15 percent. News AVS.
Intel CEO Pat Gelsinger said Intel Corporation has set a goal of saving $1 billion in 2025. For this reason, Intel will also suspend the dividend of the fourth quarter of the year.
The company’s revenue in the third quarter is also expected to be much lower than market expectations. Earlier, Intel had calculated a loss of 1.6 billion dollars in the second quarter of April to June. In the meantime, California-based Intel Santa Clara’s share price fell by 20 percent on this news. As a result, the company lost about two and a half billion dollars in market value.
