The shares of Intel Corporation nosedived in the after-hours on Thursday after the company's latest financial statement.
The business registered a net loss of $1.6 billion in the second quarter of fiscal 2024. It further shared that it expects the revenue in the third trimester to stand at between $12.5 billion and $13.5 billion, seemingly disappointing investors. In addition, Intel announced it will be suspending the dividend starting in the fourth quarter of 2024 and introduced a $10 billion cost-cutting plan, which includes a headcount reduction of over 15%.
The firm's stock dropped 12.39% at 4:10 pm ET, going for $25.45 apiece.
