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Under the stewardship of new CEO Pat Gelsinger, Intel endeavors to arrest its decline, yet its latest quarterly forecast underscores lingering challenges. The company has announced layoffs aimed at cost reduction, aligning its workforce with the scaled-down operations. In a statement released on Thursday, Intel projected second-quarter revenues to range between $11.2 billion and $12.4 billion, undershooting analysts' average estimate of $12.9 billion. This revelation sent the company's stock price tumbling by over 6% in after-hours trading. While specific severance costs associated with the layoffs were not disclosed, Intel anticipates annual operating expenses to decline to roughly $17 billion this year, with further reductions targeting $16 billion by 2026. Earlier reports this week suggested that Intel intends to let go of more than 20% of its employees.
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