look news india
Intel: Chip manufacturer Intel has recently laid off its employees. Now after the layoffs, the company is looking for ways to expand its business. According to reports, the company is working with investment banks to overcome the current challenges.
For layoffs, the company has separated the chip design and manufacturing business. This is hurting the company's semiconductor business. The company is also facing investor pressure and legal investigations. The company separated the product-design operation from the manufacturing arm. The company is now evaluating which factories and projects it can divest in the future.
What is Intel's current financial position?
Intel's financial performance has changed dramatically. The company reported a net loss of $1.61 billion in the second quarter of 2024. Experts believe that the company will face losses in the coming years as well.
Intel shares also saw a sell-off after the company's quarterly report. Intel's share price fell by more than 26 percent. This reflects the worst performance in more than 50 years. The company had earlier announced in August that it was laying off about 15,000 people. The company will do most of the layoffs by the end of 2024. Along with the layoffs, the company has also temporarily suspended dividend payments.
The board will meet in September
Intel may hold a board meeting in September. The company will not take any major step in this meeting but can decide its future strategy. Investors and government officials will keep an eye on the decision of the board meeting.
