Intel announces massive layoffs and suspends dividends

Intel plans to lay off more than 15% of its employees, affecting about 17,500 people, as its second-quarter performance fell short of expectations. In addition, the company will suspend dividend payments to shareholders from the fourth quarter. Intel said most of the layoffs will be completed by the end of 2024. At the same time, the company also announced other restructuring measures and plans to reduce capital expenditures, and it is expected to cut costs by $10 billion by 2025.