Intel Reports Second-Quarter Loss, Plans Job Cuts and Dividend Pause
Q2 Earnings Disappoint, Non-GAAP EPS at $0.38
Intel Corporation released its second-quarter earnings results today, revealing a loss per share of $0.38 according to Generally Accepted Accounting Principles (GAAP). Non-GAAP EPS, which excludes certain expenses, came in at $0.38. These figures represent a significant decline compared to the same period last year.
First-Quarter Revenue Growth, GAAP Loss
Despite the second-quarter loss, Intel's first-quarter revenue grew by 9% year over year to $12.7 billion. However, GAAP earnings per share for the first quarter also showed a loss.
Cost-Cutting Measures Announced
In response to the disappointing earnings, Intel announced plans to lay off thousands of employees this year and pause dividend payments in the fourth quarter. These measures are part of a broader cost-cutting strategy aimed at improving the company's financial performance.
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