Intel reports $1.61B Q2 loss, plans 15K job cuts and pauses factory plans amid CHIPS Act incentives jeopardy.
Intel, the leading U.S. chipmaker, is experiencing severe financial difficulties, reporting a net loss of $1.61 billion in Q2 2022 and planning to cut 15,000 jobs. This slump has caused its stock to drop significantly, jeopardizing the company's access to nearly $20 billion in CHIPS Act incentives aimed at revitalizing domestic semiconductor manufacturing. Intel has also paused factory plans in Europe and delayed a new plant in Malaysia, raising concerns about U.S. manufacturing goals.
September 26, 2024
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