Intel Stock Plunges on Wider-Than-Expected Loss, Layoffs To Cut Costs

1. Intel reported a $1.6 billion loss, missing revenue expectations. 2. The company plans to cut 15% of its workforce to save costs. 3. Intel's third-quarter revenue guidance is below analyst expectations. 4. CFO cited gross margin headwinds and increased costs impacting results. 5. Intel will suspend dividends starting Q4 2023 as a cost-saving measure.