On April 25, chipmaker Intel unveiled a current quarter earnings forecast that missed analysts' projections and subsequently announced layoffs to align with its reduced business scope. This announcement marks the first financial report since the inauguration of new CEO Pat Gelsinger. Intel anticipates second-quarter revenue to range between $11.2 billion and $12.4 billion, significantly under the analysts' consensus estimate of $12.9 billion, leading to a post-market stock price decline of over 6%. To streamline decision-making processes, Intel intends to flatten its management structure and initiate layoffs starting in the second quarter. While the company has not quantified the one-time expenses associated with these layoffs, it expects operating costs to decline to approximately $17 billion this year, with further reductions to $16 billion by 2026. Recent reports suggest that Intel's layoffs could surpass 20% of its workforce.