Intel shares to fall most in 24 years as it struggles with turnaround

Intel was set to erase nearly $25 billion in market value on Friday in what would be its worst selloff since 2000 after it suspended its dividend and slashed its workforce to fund a costly turnaround for its chip-making business.

Shares of the company were down about 20 per cent in premarket trading after Intel late on Thursday forecast quarterly revenue below estimates and said it was cutting 15 per cent of its workforce, raising worries about its ability to catch up to Taiwan’s TSMC and other chipmakers it has fallen behind in recent years.