Intel to cut 15% jobs, suspend dividend in turnaround push; shares plummet

Intel said on Thursday it would cut more than 15% of its workforce, some 17,500 people, and suspend its dividend starting in the fourth quarter as the chipmaker pursues a turnaround focused on its money-losing manufacturing business.

It also forecast third-quarter revenue below market estimates, grappling with a pullback in spending on traditional data centre semiconductors and a focus on AI chips, where it lags behind rivals.