Intel to cut 15% of global workforce

• Intel's global workforce totaled 124,800 employees at the end of 2023, according to a public filing.
• The company's stock fell 12.6% in after-hours trading after losing 5.5% during the trading day.

Driving the news: Intel said it'll increase its cost-cutting plans by an additional $10 billion by 2025.

• A majority of the job cuts will occur by the end of 2024.
• It was not immediately clear where the job cuts would take place or which positions would be affected.
• The company will also suspend its dividend beginning in the fourth quarter.

What they're saying: Intel "faces stiff competition from Nvidia, AMD, and others," Emarketer analyst Jacob Bourne wrote before the earnings report.

Zoom in: Intel's second-quarter revenue fell 1%, compared with a year earlier, to $12.8 billion.

• The company posted a net loss of $1.6 billion after reporting a $1.5 billion profit a year earlier.
• Both revenue and profit missed analyst estimates.