Intel shares slump 26% as turnaround struggle deepens

Intel shares sank 26% on Friday in their worst day since 1974 after the chip manufacturer suspended its dividend and slashed its workforce to fund a costly turnaround after losing its once-dominant global position.

The company lost more than $30 billion in market value after it gave a disappointing forecast and said it would cut 15% of its workforce, deepening worries about its ability to catch up with Taiwan’s TSMC and other chipmakers.

The stock ended the day at $21.48, its lowest since 2013.