The Resurrection of Intel Will Take More Than Three Days
Intel's Q2 2024 revenues declined, with a larger operating loss. The company plans $10 billion in cost cuts, layoffs, and restructuring to focus on chip design amid rising competition from AMD.
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Intel's financial performance in the second quarter of 2024 mirrors its first quarter, with revenues declining slightly and an operating loss nearly doubling. The company anticipates a challenging 2025, with improvements expected in 2026 as new chip products and foundry processes are introduced. There is a possibility that AMD's Data Center group may surpass Intel's in revenue, with both projected to reach around $12 billion. Intel's recent announcement of $10 billion in cost savings, halting dividend payments, and laying off 15% of its workforce has led to a significant drop in its stock price. The company is restructuring to focus on its core competencies in chip design and manufacturing, aiming to establish a competitive foundry operation. Despite a decline in its datacenter business, Intel is optimistic about a recovery in server spending and is working to enhance its product offerings. The company is also adapting to the rise of Arm architecture in the market. Overall, Intel's path to recovery is fraught with challenges, but it is committed to restructuring and innovation to regain its competitive edge.
- Intel's Q2 2024 revenues fell slightly, with a significant operating loss.
- The company plans to cut costs by $10 billion and lay off 15% of its workforce.
- AMD may surpass Intel in datacenter revenue as competition intensifies.
- Intel is restructuring to focus on chip design and manufacturing.
- The company anticipates a recovery in server spending and is adapting to the rise of Arm architecture.
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8 commentsIf it will deliver and match Apples Mx designs in terms of energy eff and perf, then ARMs expansion on the client side will slow down, I guess.
No point in porting stuff for marginal gains since ISA does not matter as much as ppl think
https://chipsandcheese.com/2021/07/13/arm-or-x86-isa-doesnt-...
Theres also talk about their shift to GPU, maybe Battle Mage will deliver in this year
That's more than Oprah! Oh, wait, pink slips also means getting fired. American English is a bit ambiguous at times.
Or at least a proof read before hitting publish.
> This is IBM’s fifth rebirth in its Herman Hollerith built punch card machines to do the 1890 census in 1890, which is the true kernel of the company we know as Big Blue.
What?
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Intel Reports Second Quarter 2024 Financial Results
Intel's Q2 2024 revenue was $12.8 billion, down 1% year-over-year. The company plans a $10 billion cost reduction, including layoffs and dividend suspension, while advancing AI PC initiatives and product development.
Intel to cut 15% of headcount, reports quarterly guidance miss
Intel's Q2 2024 earnings revealed a $1.61 billion loss, prompting a 15,000 job cut and a $10 billion cost-reduction plan. The company aims for growth in AI despite significant challenges.
Intel shares fall 20% on plans to cut 15,000 jobs
Intel plans to cut 15,000 jobs and reduce capital spending by 20% to stabilize finances amid challenges. Shares fell 20% as revenue declined, raising concerns about its recovery strategy.
Intel to shed at least 15% of staff to drive down costs
Intel plans to lay off over 16,000 employees, cut capital expenditures, suspend dividends, and outsource chip production to TSMC, following a $1.6 billion loss in Q2 2023.
Intel is a Victim of its Own Arrogance
Intel faces significant challenges, reporting a revenue decline and planning to cut 20,000 jobs. Its stock has dropped 31%, and competitors like AMD and NVIDIA are outpacing it in innovation.