Intel's second-quarter financial report revealed revenues exceeding expectations, amounting to $12.833 billion. Despite a marginal 0.90% year-over-year decline, this figure still surpassed Wall Street projections. Newly appointed CEO Pat Gelsinger announced substantial reductions in investments for semiconductor manufacturing facilities. Following the report's release, Intel's stock witnessed a modest uptick in after-hours trading. In comparison to the London Stock Exchange Group's (LSEG) consensus expectations, Intel's adjusted earnings per share (EPS) fell short by 10 cents, although losses were anticipated to be narrower. Looking ahead, Intel projects the midpoint of third-quarter revenue to reach $13.1 billion, exceeding analysts' average forecast of $12.65 billion. Concurrently, Intel announced the cancellation of certain wafer fab projects and the consolidation of testing and assembly operations to streamline costs.