(Associated Press) – 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 dividend as part of a broader plan to cut cost.
The bulk of the layoffs will be completed this year. Intel also reported a loss for its second quarter along with small revenue decline — and forecast third-quarter revenue below Wall Street’s expectations.