Big Tech
Intel Suffers Worst Stock Decline in Decades After Grim Forecast
- Chipmaker plans to cut more than 15% of its workforce
- Company suspends quarterly dividend payments to shareholders
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Intel Corp. shares suffered their largest decline in more than 40 years after the company gave a grim growth forecast and laid out plans to slash 15,000 jobs, signaling that the chipmaker is ill-equipped to compete in the artificial intelligence era.
The shares fell 26% to $21.48, wiping out about $32 billion in market value. This marks the stock’s biggest single-day drop since since at least 1982, according to data compiled by Bloomberg.