Intel cuts whopping 15K jobs, posts $1.6B loss just months after getting Biden funds
1. Intel cuts 15% of workforce, aiming for $10 billion savings by 2025. 2. Second quarter losses reached $1.6 billion, disappointing Wall Street expectations. 3. Stock dividend suspended as part of a broader cost-cutting initiative. 4. Intel's job cuts might improve short-term finances but won't redefine market position. 5. Intel benefits from $8.5 billion funding under the CHIPS Act.