12:30 - 2.08.2024

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August 2, Fineko/abc.az. Intel Corp., one of the world's leading manufacturers of computer components, recorded a net loss in the 2nd quarter, moderately reduced revenue and gave a weak forecast, as well as announced the suspension of dividend payments and large-scale staff reductions.

ABC.AZ reports, referring to company's press release, its net loss in the last quarter amounted to $1.6 billion, or $0.38 per share, compared with profit of $1.48 billion, or $0.35 per share for Q2 of the previous year.

Earnings excluding one-time factors amounted to 2 cents per share.

Intel's quarterly revenue fell to $12.83 billion from $12.95 billion in the 2nd quarter of last year.

Experts surveyed by FactSet, on average, also expected adjusted earnings of 10 cents per share and revenue of $12.92 billion.

Intel CEO Pat Gelsinger announced a program to reduce costs by $10 billion per year and reduce staff by 15%. He added that last year company's revenue was about $24 billion lower than in 2020, but the number of employees increased by 10% during this period.