Chipmaker Intel to slash 15% of its workforce amid Q2 losses and lackluster forecast [Video]

Chipmaker Intel Corp. is cutting 15% of its massive workforce as it tries to turn its business around to compete with more successful rivals like Nvidia and AMD.

The Santa Clara, California-based company said Thursday it is also suspending its stock dividend as part of a broader plan to cut costs. The bulk of the layoffs will be completed this year.

Intel reported a loss for its second quarter along with a small revenue decline, and it forecast third-quarter revenues below Wall Street’s expectations.

The company posted a loss of $1.6 billion, or 38 cents per share, in the April-June period. That’s down from a profit of $1.5 billion, or 35 cents per share, a year earlier. Adjusted earnings excluding special items were 2 cents per share.

Revenue slid 1% to $12.8 billion from $12.9 billion.

Analysts, on …