Reports indicate that Intel plans to reduce its workforce by 15% and has missed its quarterly guidance.

• Intel reported worse-than-expected quarterly results and issued light quarterly guidance.
• The company intends to reduce its workforce by 15%, which was over 125,000 employees at the end of the second quarter.
• will not pay a dividend in the fourth quarter of this year.

Here's how the company did, compared to LSEG analyst expectations:

• Earnings per share: 2 cents adjusted vs. 10 cents expected
• Revenue: $12.83 billion vs. $12.94 billion expected

In the fiscal second quarter, which ended on June 29, Intel's revenue decreased by 1% year over year. The company reported a net loss of $1.61 billion, or 38 cents per share, compared to a net income of $1.47 billion, or 35 cents per share, in the previous quarter.

The Client Computing Group of the company generated $7.41 billion in revenue, which is a 9% increase and is in line with the $7.42 billion consensus among analysts surveyed by StreetAccount.

Despite generating $3.05 billion in revenue for Intel's Data Center and Artificial Intelligence unit, the result was a 3% decline and lower than the $3.14 billion StreetAccount consensus.

Intel predicted an adjusted net loss of 3 cents per share on $12.5 billion to $13.5 billion in revenue for the fiscal third quarter, while the LSEG consensus forecasted adjusted net earnings of 31 cents per share and $14.35 billion in revenue.

In the second fiscal quarter, Intel unveiled a $11 billion joint venture with Apollo for a chip manufacturing plant in Ireland. Additionally, the company launched Xeon 6 server processors and a Gaudi 3 accelerator for AI workloads.

Intel announced in May that the U.S. Commerce Department was revoking export licenses for consumer items to a customer in China, which is believed to be Huawei. Despite this, Intel stated that its fiscal second-quarter revenue would still be within its previously announced range of $12.5 billion to $13.5 billion, but below the middle of the range.

More than 18,700 employees could be affected by Intel's cuts, which were announced on June 29 and resulted in a total of 125,300 employees.

Intel anticipates making approximately $20 billion in cuts this year, $17.5 billion in 2025, and more in 2026 on a revised scale.

Analysts will receive a conference call from executives to discuss the results starting at 5 p.m. ET.

This is breaking news. Please check back for updates.

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