Intel shares sink with 15% of workforce getting axed, suspends dividend
Intel stock hit the skids after announcing it will slash nearly 17,000 workers and pause its dividend as part of a sweeping cost-cutting plan.
The chipmaker plans to "resize and refocus" its 116,500 workforce in an effort to save $10 billion to combat challenging trends.
Intel shares fell nearly 20% in extended trading Thursday.
"Clearly market conditions, some were good and some not so good, and you have to adjust the financial envelope appropriately," Gelsinger said in an interview with the Wall Street Journal.
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