Intel (INTC) to suspend dividend payout as of Q4 2024, announces $10 billion cost reduction plan

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As a gamer who’s been around the block a few times, I’ve seen my fair share of corporate shake-ups, but Intel’s Q4 2024 earnings report feels like a punch to the gut. I remember when Intel was the undisputed king in the tech world, and now it seems they’re struggling to keep their head above water.

As a long-time investor who has seen my fair share of market fluctuations and corporate announcements, I can’t help but feel a sense of unease upon learning about Intel’s recent quarterly earnings results for Q4 2024. The fact that they missed both revenue and earnings-per-share (EPS) metrics is concerning enough, but the additional news that they are implementing a $10 billion cost reduction plan, which includes significant layoffs affecting over 15,000 employees, has me worried about the future of the company.

Intel unveiled its fourth-quarter 2024 financial report, including details of a $10 billion cost-cutting strategy, on its investor relations platform. The document provides a comprehensive overview of this cost reduction plan.

In 2023, Intel’s workforce was reported to be approximately 124,800 employees according to MacroTrends. If they were to reduce their workforce by 15%, this would equate to roughly 18,720 workers. Additionally, the company clarified its decision to halt dividend payments as a strategic move aimed at bolstering its business for future quarters.

Were Intel’s recent earnings unexpectedly low for you? Take a look at the segment on yesterday’s #GameTraderLive, where @technosucks explained his reasoning as to why he doubts that Intel ($INTC) will recover. #Intel #Earnings

— Shacknews (@shacknews) August 1, 2024

Based on recent performance, it appears that Intel has struggled and may encounter rough waters in the upcoming quarters. As they work to correct their course, keep an eye out for updates on Intel-related news and other company earnings reports.

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2024-08-02 01:57